KeyCorp (NYSE:KEY) Holdings Reduced by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp cut its holdings in shares of KeyCorp (NYSE:KEY) by 19.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 154,790 shares of the financial services provider’s stock after selling 38,564 shares during the period. Texas Permanent School Fund Corp’s holdings in KeyCorp were worth $2,200,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in KEY. Envestnet Portfolio Solutions Inc. increased its holdings in shares of KeyCorp by 55.1% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 54,841 shares of the financial services provider’s stock valued at $790,000 after purchasing an additional 19,474 shares during the period. Avantax Advisory Services Inc. raised its position in shares of KeyCorp by 14.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 53,471 shares of the financial services provider’s stock worth $770,000 after buying an additional 6,785 shares in the last quarter. Financial Advocates Investment Management lifted its stake in shares of KeyCorp by 15.9% in the 4th quarter. Financial Advocates Investment Management now owns 26,223 shares of the financial services provider’s stock worth $378,000 after acquiring an additional 3,599 shares during the period. Kentucky Retirement Systems boosted its holdings in shares of KeyCorp by 4.0% in the fourth quarter. Kentucky Retirement Systems now owns 74,911 shares of the financial services provider’s stock valued at $1,079,000 after acquiring an additional 2,871 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in shares of KeyCorp by 3.7% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 33,355 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 1,191 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

Insider Transactions at KeyCorp

In related news, Director Carlton L. Highsmith sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $16.21, for a total transaction of $162,100.00. Following the completion of the sale, the director now owns 46,864 shares of the company’s stock, valued at $759,665.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KEY. Morgan Stanley upped their target price on KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of KeyCorp in a report on Tuesday, August 13th. Evercore ISI reduced their price objective on shares of KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Wedbush increased their price target on KeyCorp from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Finally, UBS Group downgraded shares of KeyCorp from a “buy” rating to a “neutral” rating and cut their target price for the company from $16.00 to $15.00 in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average target price of $16.65.

KeyCorp Stock Up 1.8 %

KEY stock opened at $16.57 on Wednesday. KeyCorp has a 12 month low of $9.50 and a 12 month high of $17.20. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $15.63 billion, a P/E ratio of 20.97, a price-to-earnings-growth ratio of 0.89 and a beta of 1.25. The firm has a 50-day moving average price of $15.93 and a 200-day moving average price of $15.06.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, topping the consensus estimate of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the business earned $0.27 EPS. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. As a group, equities research analysts anticipate that KeyCorp will post 1.09 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.82 dividend on an annualized basis and a yield of 4.95%. KeyCorp’s payout ratio is currently 103.80%.

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.