Fideuram Intesa Sanpaolo Private Banking S.P.A. Makes New Investment in KeyCorp $KEY

Key Points

• Fideuram Intesa Sanpaolo Private Banking disclosed a new fourth-quarter position in KeyCorp, buying 181,893 shares valued at about $3.75 million.
• KeyCorp has seen continued interest from other institutions, with hedge funds and asset managers adjusting holdings; 79.69% of the stock is owned by hedge funds and other institutional investors.
• The bank reported solid recent results, including Q1 earnings of $0.44 per share, topping estimates, and it also announced a quarterly dividend plus a $3 billion share buyback program.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in KeyCorp (NYSE:KEY - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 181,893 shares of the financial services provider's stock, valued at approximately $3,754,000.

Other hedge funds have also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in KeyCorp by 2.7% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider's stock worth $37,641,000 after purchasing an additional 53,682 shares in the last quarter. Synovus Financial Corp bought a new stake in shares of KeyCorp during the 3rd quarter valued at about $2,253,000. National Pension Service increased its position in shares of KeyCorp by 30.6% during the third quarter. National Pension Service now owns 198,659 shares of the financial services provider's stock valued at $3,713,000 after buying an additional 46,509 shares during the period. Xponance Inc. increased its position in shares of KeyCorp by 31.0% during the third quarter. Xponance Inc. now owns 471,949 shares of the financial services provider's stock valued at $8,821,000 after buying an additional 111,753 shares during the period. Finally, M&T Bank Corp raised its stake in KeyCorp by 5,317.0% in the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider's stock worth $27,875,000 after buying an additional 1,325,588 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

KEY has been the topic of several research reports. Wall Street Zen cut KeyCorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Truist Financial lowered their target price on KeyCorp from $23.00 to $22.00 and set a "hold" rating for the company in a research note on Monday, March 23rd. Piper Sandler lifted their price target on KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. JPMorgan Chase & Co. reduced their price target on KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. Finally, Jefferies Financial Group increased their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, April 17th. 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $42.78.

KeyCorp Price Performance

KEY stock opened at $21.40 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $23.20 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 0.67 and a beta of 1.06. The firm has a 50 day moving average price of $20.81 and a 200-day moving average price of $20.50. KeyCorp has a 52-week low of $15.28 and a 52-week high of $23.34.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share 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 last year, the company earned $0.38 EPS. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts forecast that KeyCorp will post 1.82 EPS for the current fiscal year.

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 given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp's payout ratio is currently 50.31%.

KeyCorp announced that its board has approved a share buyback plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by insiders.

KeyCorp Profile

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.

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