Connor Clark & Lunn Investment Management Ltd. Sells 22,385 Shares of KeyCorp (NYSE:KEY)

Posted by Defense World Staff on May 29th, 2023

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in KeyCorp (NYSE:KEY – Get Rating) by 15.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 121,803 shares of the financial services provider’s stock after selling 22,385 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in KeyCorp were worth $2,122,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Guardian Wealth Advisors LLC bought a new stake in KeyCorp in the third quarter valued at approximately $25,000. RE Dickinson Investment Advisors LLC acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $32,000. U.S. Capital Wealth Advisors LLC acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $35,000. Glassman Wealth Services grew its position in shares of KeyCorp by 35.4% in the fourth quarter. Glassman Wealth Services now owns 2,103 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 550 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $38,000. Institutional investors own 82.11% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on KEY shares. Royal Bank of Canada decreased their target price on KeyCorp from $19.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, April 21st. Piper Sandler raised KeyCorp from an “underweight” rating to a “neutral” rating and decreased their target price for the company from $18.50 to $16.50 in a research report on Friday, March 10th. StockNews.com initiated coverage on KeyCorp in a research report on Thursday, May 18th. They issued a “sell” rating on the stock. Barclays reduced their price target on KeyCorp from $24.00 to $15.00 in a research report on Wednesday, April 12th. Finally, Wells Fargo & Company reduced their price target on KeyCorp from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, April 21st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, KeyCorp has an average rating of “Hold” and an average price target of $15.90.

KeyCorp Trading Down 2.2 %

Shares of KEY stock opened at $9.89 on Monday. The stock’s fifty day moving average price is $11.05 and its two-hundred day moving average price is $15.47. The company has a market cap of $9.25 billion, a PE ratio of 5.59, a P/E/G ratio of 1.36 and a beta of 1.24. KeyCorp has a fifty-two week low of $8.53 and a fifty-two week high of $20.30. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.86 and a current ratio of 0.86.

KeyCorp (NYSE:KEY – Get Rating) last issued its earnings results on Thursday, April 20th. The financial services provider reported $0.44 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.44. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.80 billion. KeyCorp had a return on equity of 15.63% and a net margin of 19.09%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Equities analysts predict that KeyCorp will post 1.69 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Tuesday, May 30th will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 8.29%. The ex-dividend date of this dividend is Friday, May 26th. KeyCorp’s payout ratio is 46.33%.

Insider Activity

In other news, insider Amy G. Brady sold 45,000 shares of the stock in a transaction on Friday, March 10th. The stock was sold at an average price of $15.58, for a total value of $701,100.00. Following the completion of the transaction, the insider now directly owns 119,121 shares in the company, valued at approximately $1,855,905.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Amy G. Brady sold 45,000 shares of the stock in a transaction on Friday, March 10th. The stock was sold at an average price of $15.58, for a total value of $701,100.00. Following the completion of the transaction, the insider now directly owns 119,121 shares in the company, valued at approximately $1,855,905.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew J. Paine III purchased 75,000 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The stock was purchased at an average price of $9.78 per share, with a total value of $733,500.00. Following the completion of the purchase, the insider now directly owns 335,414 shares in the company, valued at approximately $3,280,348.92. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 87,700 shares of company stock worth $883,407. Insiders own 0.54% of the company’s stock.

KeyCorp Profile

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KeyCorp is a bank holding company, which engages in the provision of financial services. It provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.