DNB Asset Management AS Raises Position in KeyCorp $KEY

Key Points

• DNB Asset Management AS increased its KeyCorp stake by 182.5% in the fourth quarter, buying an additional 308,024 shares and bringing its total holdings to 476,833 shares worth about $9.84 million.
• KeyCorp reported better-than-expected quarterly earnings, with EPS of $0.44 versus $0.41 expected and revenue of $1.95 billion, up 10.2% year over year.
• The company authorized a $3 billion stock buyback and declared a quarterly dividend of $0.205 per share, implying a 3.9% annualized yield.

DNB Asset Management AS lifted its position in KeyCorp (NYSE:KEY - Free Report) by 182.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 476,833 shares of the financial services provider's stock after buying an additional 308,024 shares during the period. DNB Asset Management AS's holdings in KeyCorp were worth $9,842,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in KEY. United Community Bank purchased a new position in KeyCorp in the 3rd quarter worth approximately $27,000. Maseco LLP purchased a new stake in KeyCorp during the 4th quarter valued at $27,000. GoalVest Advisory LLC bought a new stake in shares of KeyCorp in the 4th quarter worth $30,000. Kelleher Financial Advisors bought a new stake in shares of KeyCorp in the 3rd quarter worth $32,000. Finally, True Wealth Design LLC raised its stake in shares of KeyCorp by 1,263.5% in the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,592 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Stock Performance

KEY stock opened at $21.05 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a 1 year low of $15.28 and a 1 year high of $23.34. The company has a market cap of $22.83 billion, a P/E ratio of 12.92, a price-to-earnings-growth ratio of 0.67 and a beta of 1.06. The stock's fifty day moving average price is $20.74 and its 200-day moving average price is $20.42.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 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 analysts' expectations of $1.93 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. KeyCorp's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities analysts forecast that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its board has authorized a stock buyback program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. KeyCorp's dividend payout ratio is presently 50.31%.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred 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 owned 281,564 shares in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on KEY shares. Jefferies Financial Group upped their price target on KeyCorp from $21.00 to $23.00 and gave the company a "hold" rating in a report on Friday, April 17th. Morgan Stanley decreased their target price on KeyCorp from $26.00 to $24.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. JPMorgan Chase & Co. lowered their target price on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. Royal Bank Of Canada raised their price target on shares of KeyCorp from $22.00 to $24.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Finally, Truist Financial reduced their price target on shares of KeyCorp from $23.00 to $22.00 and set a "hold" rating for the company in a research note on Monday, March 23rd. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, KeyCorp has an average rating of "Moderate Buy" and a consensus price target of $23.18.

About KeyCorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.