Nearwater Capital Markets Ltd Makes New $857,000 Investment in KeyCorp (NYSE:KEY)

Nearwater Capital Markets Ltd purchased a new stake in KeyCorp (NYSE:KEY - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 50,000 shares of the financial services provider's stock, valued at approximately $857,000.

Several other large investors have also recently added to or reduced their stakes in KEY. Principal Financial Group Inc. increased its stake in shares of KeyCorp by 3.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider's stock valued at $19,149,000 after buying an additional 36,424 shares in the last quarter. Truist Financial Corp boosted its stake in shares of KeyCorp by 27.1% in the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider's stock valued at $1,643,000 after purchasing an additional 20,424 shares during the last quarter. Avanza Fonder AB bought a new stake in shares of KeyCorp during the fourth quarter worth approximately $1,618,000. Proficio Capital Partners LLC acquired a new stake in KeyCorp during the 4th quarter worth $1,519,000. Finally, CHURCHILL MANAGEMENT Corp lifted its stake in shares of KeyCorp by 5.9% in the 4th quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider's stock valued at $7,976,000 after purchasing an additional 26,047 shares during the period. 79.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on KEY shares. Keefe, Bruyette & Woods lowered their price target on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Citigroup restated a "buy" rating on shares of KeyCorp in a report on Thursday, April 17th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a research note on Thursday, April 17th. Truist Financial dropped their price objective on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a research report on Tuesday, April 22nd. Finally, Cowen initiated coverage on shares of KeyCorp in a research report on Wednesday. They set a "hold" rating for the company. Ten research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.92.

KeyCorp Trading Down 0.5%

KEY traded down $0.09 during trading on Monday, hitting $16.55. The company's stock had a trading volume of 3,216,813 shares, compared to its average volume of 12,897,694. The firm has a market capitalization of $18.13 billion, a P/E ratio of -55.18, a PEG ratio of 0.65 and a beta of 1.08. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock's fifty day moving average price is $15.15 and its 200-day moving average price is $16.89.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The company had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the prior year, the firm earned $0.20 EPS. Analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp's dividend payout ratio is -482.35%.

KeyCorp declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Insider Activity at KeyCorp

In related news, Director Carlton L. Highsmith sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the completion of the transaction, the director now owns 37,177 shares of the company's stock, valued at approximately $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mohit Ramani purchased 10,000 shares of the company's stock in a transaction dated Monday, April 21st. The shares were acquired at an average price of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider now owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is owned by insiders.

KeyCorp Profile

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.