Alps Advisors Inc. reduced its stake in KeyCorp (NYSE:KEY - Free Report) by 5.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,214,169 shares of the financial services provider's stock after selling 73,003 shares during the quarter. Alps Advisors Inc. owned 0.11% of KeyCorp worth $25,060,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of KEY. MCF Advisors LLC boosted its stake in KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 456 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its stake in KeyCorp by 1.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider's stock valued at $588,000 after purchasing an additional 486 shares in the last quarter. Harbour Investments Inc. boosted its stake in KeyCorp by 19.0% during the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 508 shares in the last quarter. Centennial Wealth Advisory LLC boosted its stake in KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider's stock valued at $929,000 after purchasing an additional 524 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its stake in KeyCorp by 4.6% during the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider's stock valued at $252,000 after purchasing an additional 539 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at KeyCorp
In other news, insider Angela G. Mago sold 22,826 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider directly owned 281,564 shares of the company's stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.56% of the company's stock.
KeyCorp Price Performance
KEY opened at $22.36 on Friday. The stock has a fifty day moving average of $21.49 and a 200-day moving average of $20.94. The firm has a market capitalization of $24.25 billion, a P/E ratio of 13.72, a PEG ratio of 0.70 and a beta of 1.03. KeyCorp has a 12-month low of $15.59 and a 12-month high of $23.34. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.
KeyCorp (NYSE:KEY - Get Free Report) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the prior year, the company earned $0.38 earnings per share. The company's revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts forecast that KeyCorp will post 1.83 EPS for the current fiscal year.
KeyCorp declared that its board has authorized a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.
KeyCorp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. KeyCorp's dividend payout ratio is 50.31%.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on KEY shares. Robert W. Baird increased their price target on KeyCorp from $19.00 to $22.00 and gave the company a "neutral" rating in a research note on Friday, April 17th. Susquehanna increased their price target on KeyCorp from $300.00 to $415.00 and gave the company a "positive" rating in a research note on Monday, May 18th. Evercore reaffirmed an "outperform" rating on shares of KeyCorp in a research note on Tuesday, April 21st. Jefferies Financial Group increased their price target on KeyCorp from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, April 17th. Finally, Morgan Stanley decreased their price target on KeyCorp from $26.00 to $24.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $42.78.
Read Our Latest Stock Analysis on KEY
KeyCorp Profile
(
Free Report)
KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.
The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.
Further Reading
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