Pictet Asset Management Holding SA Sells 45,331 Shares of KeyCorp $KEY

Pictet Asset Management Holding SA trimmed its stake in KeyCorp (NYSE:KEY) by 8.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 523,013 shares of the financial services provider’s stock after selling 45,331 shares during the period. Pictet Asset Management Holding SA’s holdings in KeyCorp were worth $10,486,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new stake in KeyCorp in the first quarter worth about $958,000. Kestra Private Wealth Services LLC lifted its position in shares of KeyCorp by 4.3% during the 1st quarter. Kestra Private Wealth Services LLC now owns 54,023 shares of the financial services provider’s stock valued at $1,083,000 after buying an additional 2,237 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of KeyCorp during the 1st quarter valued at about $784,000. Fifth Third Wealth Advisors LLC grew its stake in shares of KeyCorp by 19.4% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 12,798 shares of the financial services provider’s stock valued at $257,000 after acquiring an additional 2,083 shares during the period. Finally, OP Asset Management Ltd bought a new position in shares of KeyCorp during the 1st quarter valued at approximately $1,961,000. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.56% of the company’s stock.

KeyCorp Price Performance

NYSE:KEY opened at $22.99 on Friday. The business’s 50-day moving average is $21.99 and its 200 day moving average is $21.36. KeyCorp has a 12 month low of $16.47 and a 12 month high of $23.72. The company has a market capitalization of $24.82 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 1.02. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the business posted $0.38 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities research analysts forecast that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp announced that its board has authorized a share repurchase program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

Analyst Ratings Changes

A number of research firms have commented on KEY. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Truist Financial increased their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, June 24th. Stephens assumed coverage on shares of KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Finally, The Goldman Sachs Group upped their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and an average target price of $46.55.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.