Maryland State Retirement & Pension System Cuts Position in KeyCorp (NYSE:KEY)

Maryland State Retirement & Pension System trimmed its position in shares of KeyCorp (NYSE:KEY) by 12.5% during the first quarter, Holdings Channel reports. The institutional investor owned 43,256 shares of the financial services provider’s stock after selling 6,154 shares during the quarter. Maryland State Retirement & Pension System’s holdings in KeyCorp were worth $692,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Brighton Jones LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $476,000. Federated Hermes Inc. boosted its holdings in shares of KeyCorp by 267.5% in the fourth quarter. Federated Hermes Inc. now owns 11,052 shares of the financial services provider’s stock valued at $189,000 after acquiring an additional 8,045 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $42,827,000. Sterling Capital Management LLC boosted its holdings in shares of KeyCorp by 1.8% in the fourth quarter. Sterling Capital Management LLC now owns 54,855 shares of the financial services provider’s stock valued at $940,000 after acquiring an additional 969 shares during the period. Finally, Townsquare Capital LLC boosted its holdings in shares of KeyCorp by 11.7% in the fourth quarter. Townsquare Capital LLC now owns 38,791 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 4,076 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other KeyCorp news, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the sale, the director directly owned 82,719 shares of the company’s stock, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Amy G. Brady sold 19,000 shares of the company’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares in the company, valued at $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,149 shares of company stock valued at $2,738,230 in the last three months. Company insiders own 0.52% of the company’s stock.

KeyCorp Trading Up 1.8%

Shares of NYSE KEY opened at $18.23 on Thursday. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The firm has a market capitalization of $19.99 billion, a PE ratio of -260.43, a PEG ratio of 0.63 and a beta of 1.13. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average price of $17.51 and a two-hundred day moving average price of $16.48.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same period last year, the business earned $0.25 EPS. The firm’s revenue was up 20.6% compared to the same quarter last year. As a group, analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp’s payout ratio is currently -1,171.43%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. DA Davidson increased their price target on KeyCorp from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. Baird R W downgraded KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 2nd. Cowen assumed coverage on KeyCorp in a report on Wednesday, May 14th. They set a “hold” rating for the company. Robert W. Baird downgraded KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Wednesday, July 2nd. Finally, Citigroup reaffirmed a “neutral” rating and set a $20.00 price target (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Twelve research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, KeyCorp has a consensus rating of “Hold” and a consensus price target of $19.39.

About KeyCorp

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.