GC Wealth Management RIA LLC Takes Position in KeyCorp $KEY

GC Wealth Management RIA LLC acquired a new stake in KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,350 shares of the financial services provider’s stock, valued at approximately $180,000.

Other hedge funds have also modified their holdings of the company. Tompkins Financial Corp acquired a new stake in shares of KeyCorp in the second quarter valued at $26,000. Zions Bancorporation National Association UT acquired a new stake in shares of KeyCorp in the first quarter valued at $28,000. Allworth Financial LP raised its stake in shares of KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of KeyCorp in the first quarter valued at $34,000. Finally, NBC Securities Inc. raised its stake in shares of KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 2,478 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Performance

Shares of KEY stock opened at $18.47 on Friday. The stock’s 50-day moving average is $18.58 and its two-hundred day moving average is $16.94. The firm has a market cap of $20.25 billion, a price-to-earnings ratio of -263.79, a PEG ratio of 0.65 and a beta of 1.15. 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 0.71, a quick ratio of 0.83 and a current ratio of 0.84.

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

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.4%. KeyCorp’s dividend payout ratio (DPR) is currently -1,171.43%.

Insider Buying and Selling

In related news, insider Andrew J. Paine III sold 44,953 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the transaction, the insider owned 245,044 shares of the company’s stock, valued at $4,726,898.76. This trade represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Christopher M. Gorman sold 112,149 shares of the firm’s stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 174,102 shares of company stock valued at $3,299,664 over the last quarter. 0.52% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KEY. UBS Group upgraded KeyCorp from a “neutral” rating to a “buy” rating and raised their price target for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. Morgan Stanley raised their price target on KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research note on Monday. Robert W. Baird cut KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research note on Wednesday, July 2nd. Citigroup restated a “neutral” rating and issued a $20.00 price target (up from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Finally, Bank of America raised their price target on KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Ten equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.08.

KeyCorp Company 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.