Hennessy Advisors Inc. Sells 8,000 Shares of KeyCorp (NYSE:KEY)

Hennessy Advisors Inc. decreased its holdings in shares of KeyCorp (NYSE:KEY) by 13.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 50,000 shares of the financial services provider’s stock after selling 8,000 shares during the period. Hennessy Advisors Inc.’s holdings in KeyCorp were worth $857,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Envestnet Asset Management Inc. lifted its stake in KeyCorp by 4.3% in the second quarter. Envestnet Asset Management Inc. now owns 1,922,921 shares of the financial services provider’s stock valued at $27,325,000 after buying an additional 78,856 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of KeyCorp by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock valued at $149,299,000 after acquiring an additional 300,339 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in KeyCorp by 8.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 14,303 shares of the financial services provider’s stock worth $203,000 after acquiring an additional 1,150 shares during the last quarter. Elo Mutual Pension Insurance Co acquired a new position in KeyCorp during the second quarter valued at approximately $1,122,000. Finally, Hsbc Holdings PLC increased its stake in KeyCorp by 20.9% in the second quarter. Hsbc Holdings PLC now owns 2,669,749 shares of the financial services provider’s stock valued at $37,750,000 after purchasing an additional 460,924 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Up 2.7 %

KEY stock opened at $18.32 on Friday. KeyCorp has a twelve month low of $12.94 and a twelve month high of $20.04. The company has a market cap of $18.16 billion, a price-to-earnings ratio of 1,832.30, a P/E/G ratio of 0.63 and a beta of 1.27. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $18.18 and a two-hundred day moving average price of $16.99.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. Analysts anticipate that KeyCorp will post 1.1 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.48%. The ex-dividend date is Tuesday, March 4th. KeyCorp’s dividend payout ratio is 8,200.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on KEY shares. Wedbush boosted their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Keefe, Bruyette & Woods boosted their target price on KeyCorp from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Baird R W lowered KeyCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Citigroup lowered KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a research report on Thursday, November 7th. Finally, Piper Sandler lifted their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.44.

Insiders Place Their Bets

In other news, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total transaction of $154,260.00. Following the completion of the sale, the director now owns 37,864 shares in the company, valued at $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Angela G. Mago sold 15,011 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total value of $294,065.49. Following the transaction, the insider now owns 234,582 shares in the company, valued at approximately $4,595,461.38. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.

About KeyCorp

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.