GAM Holding AG Increases Stake in KeyCorp (NYSE:KEY)

GAM Holding AG increased its position in KeyCorp (NYSE:KEY - Free Report) by 37.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 87,078 shares of the financial services provider's stock after acquiring an additional 23,900 shares during the quarter. GAM Holding AG's holdings in KeyCorp were worth $1,392,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Carret Asset Management LLC increased its holdings in KeyCorp by 20.1% in the 1st quarter. Carret Asset Management LLC now owns 12,860 shares of the financial services provider's stock worth $206,000 after acquiring an additional 2,150 shares during the last quarter. Avior Wealth Management LLC increased its holdings in KeyCorp by 21.3% in the 1st quarter. Avior Wealth Management LLC now owns 31,478 shares of the financial services provider's stock worth $503,000 after acquiring an additional 5,523 shares during the last quarter. Blue Trust Inc. increased its holdings in KeyCorp by 41.9% in the 1st quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider's stock worth $332,000 after acquiring an additional 6,135 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in KeyCorp by 3.2% in the 1st quarter. State of Alaska Department of Revenue now owns 116,665 shares of the financial services provider's stock worth $1,865,000 after acquiring an additional 3,655 shares during the last quarter. Finally, LifeWealth Investments LLC increased its holdings in KeyCorp by 27.7% in the 1st quarter. LifeWealth Investments LLC now owns 26,999 shares of the financial services provider's stock worth $432,000 after acquiring an additional 5,863 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Stock Performance

Shares of KEY opened at $16.17 on Friday. The company has a market cap of $17.72 billion, a PE ratio of -95.09, a price-to-earnings-growth ratio of 0.60 and a beta of 1.09. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.75. The stock has a 50-day moving average price of $15.54 and a 200-day moving average price of $16.37. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. During the same period last year, the firm posted $0.20 EPS. As a group, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.07%. KeyCorp's dividend payout ratio is -482.35%.

KeyCorp declared that its Board of Directors has approved a share buyback program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on KEY shares. Truist Financial cut their target price on KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a research note on Tuesday, April 22nd. Barclays cut their target price on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Wall Street Zen upgraded KeyCorp from a "sell" rating to a "hold" rating in a research note on Monday, April 21st. Jefferies Financial Group started coverage on KeyCorp in a research note on Wednesday, May 21st. They issued a "hold" rating and a $18.00 target price for the company. Finally, Wells Fargo & Company downgraded KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $18.92.

Insider Activity at KeyCorp

In related news, Director Carlton L. Highsmith sold 5,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the transaction, the director now directly owns 37,177 shares of the company's stock, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Amy G. Brady sold 19,000 shares of KeyCorp stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the transaction, the insider now directly owns 82,523 shares in the company, valued at $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.

KeyCorp Company 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.

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