Oppenheimer & Co. Inc. Sells 19,671 Shares of KeyCorp (NYSE:KEY)

Oppenheimer & Co. Inc. lessened its stake in shares of KeyCorp (NYSE:KEY) by 55.7% during the first quarter, Holdings Channel reports. The fund owned 15,667 shares of the financial services provider’s stock after selling 19,671 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in KeyCorp were worth $251,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Whittier Trust Co. lifted its position in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 800 shares during the period. Ethos Financial Group LLC acquired a new position in shares of KeyCorp during the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC acquired a new position in shares of KeyCorp during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new position in shares of KeyCorp during the 4th quarter valued at $34,000. Finally, FSC Wealth Advisors LLC acquired a new position in shares of KeyCorp during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on KEY shares. Citigroup reiterated a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. Wells Fargo & Company downgraded shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 18th. Barclays decreased their price target on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. TD Cowen assumed coverage on shares of KeyCorp in a research note on Thursday, May 15th. They set a “hold” rating and a $18.00 price target for the company. Finally, Jefferies Financial Group assumed coverage on shares of KeyCorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $18.00 price target for the company. Thirteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.97.

KeyCorp Stock Performance

NYSE KEY opened at $18.46 on Friday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market cap of $20.23 billion, a price-to-earnings ratio of -108.56, a PEG ratio of 0.68 and a beta of 1.11. The company has a fifty day moving average price of $16.10 and a 200-day moving average price of $16.32.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the business posted $0.20 EPS. As a group, equities research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 annualized dividend and a dividend yield of 4.44%. KeyCorp’s payout ratio is -482.35%.

KeyCorp announced that its Board of Directors has approved a stock repurchase program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the sale, the director owned 37,177 shares of the company’s stock, valued at approximately $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Amy G. Brady sold 19,000 shares of KeyCorp stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider directly owned 82,523 shares in the company, valued at approximately $1,327,795.07. This represents a 18.71% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

KeyCorp Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.