KeyCorp (NYSE:KEY) Shares Sold by Simplicity Solutions LLC

Posted by Defense World Staff on Jul 20th, 2023

Simplicity Solutions LLC trimmed its stake in shares of KeyCorp (NYSE:KEY – Free Report) by 19.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,776 shares of the financial services provider’s stock after selling 13,927 shares during the quarter. Simplicity Solutions LLC’s holdings in KeyCorp were worth $711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of KEY. Teacher Retirement System of Texas boosted its position in shares of KeyCorp by 19.7% during the 4th quarter. Teacher Retirement System of Texas now owns 256,989 shares of the financial services provider’s stock worth $4,477,000 after acquiring an additional 42,243 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of KeyCorp by 24.5% during the 4th quarter. Quadrant Capital Group LLC now owns 8,836 shares of the financial services provider’s stock worth $154,000 after acquiring an additional 1,739 shares in the last quarter. Acrisure Capital Management LLC acquired a new position in shares of KeyCorp during the 4th quarter worth about $279,000. Creative Planning boosted its position in shares of KeyCorp by 34.2% during the 4th quarter. Creative Planning now owns 88,964 shares of the financial services provider’s stock worth $1,550,000 after acquiring an additional 22,679 shares in the last quarter. Finally, AIA Group Ltd boosted its position in shares of KeyCorp by 66.8% during the 4th quarter. AIA Group Ltd now owns 12,453 shares of the financial services provider’s stock worth $217,000 after acquiring an additional 4,985 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on KeyCorp from $11.00 to $10.50 in a research report on Thursday, June 29th. Morgan Stanley reduced their target price on KeyCorp from $11.00 to $10.00 in a report on Friday, July 7th. TheStreet downgraded KeyCorp from a “b-” rating to a “c+” rating in a report on Monday, May 1st. The Goldman Sachs Group reduced their target price on KeyCorp from $20.50 to $16.00 and set a “buy” rating for the company in a report on Thursday, March 30th. Finally, 888 reissued a “maintains” rating on shares of KeyCorp in a report on Tuesday, June 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.57.

KeyCorp Stock Performance

Shares of KEY stock opened at $11.41 on Thursday. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 6.45, a price-to-earnings-growth ratio of 1.73 and a beta of 1.23. The stock has a 50 day simple moving average of $9.94 and a 200-day simple moving average of $13.37. KeyCorp has a 12-month low of $8.53 and a 12-month high of $20.30. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.92.

KeyCorp (NYSE:KEY – Get Free Report) last issued its earnings results on Thursday, April 20th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.44. The business had revenue of $1.71 billion during 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 for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 EPS. On average, equities analysts forecast that KeyCorp will post 1.38 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 7.19%. The ex-dividend date is Monday, August 28th. KeyCorp’s dividend payout ratio (DPR) is 46.33%.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Andrew J. Paine III bought 75,000 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average cost of $9.78 per share, with a total value of $733,500.00. Following the purchase, the insider now owns 335,414 shares in the company, valued at approximately $3,280,348.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Victor B. Alexander purchased 8,500 shares of the stock in a transaction that occurred on Friday, April 21st. The shares were acquired at an average price of $11.83 per share, for a total transaction of $100,555.00. Following the acquisition, the insider now directly owns 117,196 shares in the company, valued at approximately $1,386,428.68. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Andrew J. Paine III purchased 75,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was purchased at an average price of $9.78 per share, for a total transaction of $733,500.00. Following the acquisition, the insider now owns 335,414 shares in the company, valued at $3,280,348.92. The disclosure for this purchase can be found here. In the last three months, insiders acquired 85,700 shares of company stock valued at $857,507. Corporate insiders own 0.54% of the company’s stock.

KeyCorp Company Profile

(Free Report)

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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.