Principal Financial Group Inc. Decreases Position in KeyCorp (NYSE:KEY)

Principal Financial Group Inc. lessened its holdings in KeyCorp (NYSE:KEY – Get Rating) by 3.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,120,235 shares of the financial services provider’s stock after selling 40,404 shares during the period. Principal Financial Group Inc.’s holdings in KeyCorp were worth $19,514,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Guardian Wealth Advisors LLC purchased a new stake in shares of KeyCorp during the 3rd quarter worth $25,000. RE Dickinson Investment Advisors LLC purchased a new stake in shares of KeyCorp during the 4th quarter worth $32,000. U.S. Capital Wealth Advisors LLC purchased a new stake in KeyCorp in the fourth quarter valued at $35,000. Glassman Wealth Services lifted its position in 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 acquiring an additional 550 shares during the last quarter. Finally, Riverview Trust Co purchased a new stake in KeyCorp in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 82.11% of the company’s stock.

Insider Activity

In other news, insider Andrew J. Paine III bought 75,000 shares of KeyCorp stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average cost of $9.78 per share, with a total value of $733,500.00. Following the purchase, the insider now directly owns 335,414 shares of the company’s stock, valued at approximately $3,280,348.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Andrew J. Paine III bought 75,000 shares of KeyCorp stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average cost of $9.78 per share, with a total value of $733,500.00. Following the purchase, the insider now directly owns 335,414 shares of the company’s stock, valued at approximately $3,280,348.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Amy G. Brady sold 45,000 shares of the business’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $15.58, for a total transaction of $701,100.00. Following the sale, the insider now owns 119,121 shares in the company, valued at $1,855,905.18. The disclosure for this sale can be found here. In the last three months, insiders acquired 87,700 shares of company stock valued at $883,407. Company insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

Shares of KEY stock opened at $9.82 on Monday. The firm has a market cap of $9.18 billion, a P/E ratio of 5.55, a P/E/G ratio of 1.36 and a beta of 1.24. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.86 and a quick ratio of 0.86. KeyCorp has a 1-year low of $8.53 and a 1-year high of $20.30. The firm has a fifty day moving average of $11.22 and a two-hundred day moving average of $15.75.

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

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Tuesday, May 30th will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 8.35%. The ex-dividend date of this dividend is Friday, May 26th. KeyCorp’s dividend payout ratio (DPR) is presently 46.33%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KEY. TheStreet lowered shares of KeyCorp from a “b-” rating to a “c+” rating in a research note on Monday, May 1st. Keefe, Bruyette & Woods dropped their price target on shares of KeyCorp from $20.00 to $19.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 8th. The Goldman Sachs Group decreased their price objective on shares of KeyCorp from $20.50 to $16.00 and set a “buy” rating on the stock in a report on Thursday, March 30th. Barclays decreased their price objective on shares of KeyCorp from $24.00 to $15.00 in a report on Wednesday, April 12th. Finally, DA Davidson decreased their price objective on shares of KeyCorp from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, April 21st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.55.

KeyCorp Company 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.