Andrew J. Paine III, Head of Institutional Bank at KeyCorp (NYSE:KEY), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On November 6, Paine sold 66,362 common shares at a weighted average price of $19.03 per share, totaling approximately $1.26 million.
In addition to these sales, Paine acquired 21,362 shares at $14.11 per share and 45,000 shares at $10.49 per share through option exercises. These acquisitions were valued at a combined total of $773,467. Following these transactions, Paine’s direct ownership of KeyCorp shares stands at 214,068.
The sales and acquisitions reflect Paine's active management of his holdings in the Cleveland-based financial services company.
In other recent news, KeyCorp has experienced a series of noteworthy developments. Citi has downgraded KeyCorp from Buy to Neutral while maintaining the price target at $19.00. This comes despite a significant uptick in KeyCorp's stock, largely attributed to a favorable regulatory environment and adjustments in fixed asset pricing.
Furthermore, KeyCorp's non-performing office loans have increased to 5.1% from 2.3% a year earlier, a trend attributed to the ongoing shift towards remote work. Despite these challenges, analysts from DA Davidson and RBC (TSX:RY) Capital Markets have raised their stock price targets for KeyCorp, citing strong growth prospects. DA Davidson increased its target to $20.00 from $19.00, maintaining a Buy rating, while RBC Capital Markets raised its price target from $17 to $18, maintaining an Outperform rating.
In terms of earnings, KeyCorp reported a 7% quarter-over-quarter increase in net interest income during its Third Quarter 2024 Earnings Call. The company also announced plans to gain regulatory approval for Scotiabank (TSX:BNS)'s $2.8 billion minority investment by Q1 2025. These recent developments underscore the dynamic financial landscape faced by KeyCorp amid shifting work trends and evolving financial strategies.
InvestingPro Insights
As Andrew J. Paine III adjusts his stake in KeyCorp, investors might find additional context from recent financial metrics and analyst perspectives valuable. According to InvestingPro data, KeyCorp's market capitalization stands at $18.88 billion, with a P/E ratio of 3830, significantly higher than industry averages. This elevated valuation metric aligns with an InvestingPro Tip indicating that KeyCorp is "Trading at a high earnings multiple."
Despite the high valuation, KeyCorp has demonstrated strong performance in the stock market. InvestingPro data shows a 78.23% total return over the past year, corroborating another InvestingPro Tip highlighting a "High return over the last year." This positive momentum extends to shorter time frames as well, with a 13.39% return in the last month and a 32.06% return over the last three months.
For income-focused investors, KeyCorp offers an attractive dividend yield of 4.32%, with the most recent ex-dividend date on August 27, 2024. An InvestingPro Tip worth noting is that KeyCorp "Has maintained dividend payments for 53 consecutive years," underscoring the company's commitment to shareholder returns.
These insights provide a broader picture of KeyCorp's financial health and market performance, complementing the insider transaction information. For those seeking a deeper analysis, InvestingPro offers 12 additional tips on KeyCorp, providing a more comprehensive view of the company's prospects and potential risks.
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