Geode Capital Management LLC Buys 115,968 Shares of KeyCorp $KEY

Key Points

• Geode Capital Management increased its KeyCorp stake by 0.5% in the fourth quarter, buying 115,968 shares and bringing its total holding to 23,983,690 shares worth about $493 million.
• KeyCorp has seen mixed analyst sentiment: several firms raised or lowered price targets recently, and the stock currently carries a Moderate Buy consensus with an average price target of $42.78.
• The bank reported stronger-than-expected quarterly results, posted a quarterly dividend of $0.205 per share, and its board authorized a $3 billion share buyback program.

Geode Capital Management LLC boosted its stake in KeyCorp (NYSE:KEY - Free Report) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,983,690 shares of the financial services provider's stock after acquiring an additional 115,968 shares during the period. Geode Capital Management LLC owned 2.19% of KeyCorp worth $493,048,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. United Community Bank bought a new stake in KeyCorp in the third quarter valued at $27,000. Maseco LLP bought a new stake in KeyCorp in the fourth quarter valued at $27,000. GoalVest Advisory LLC bought a new stake in KeyCorp in the fourth quarter valued at $30,000. Smithfield Trust Co bought a new stake in KeyCorp in the fourth quarter valued at $31,000. Finally, Kelleher Financial Advisors bought a new stake in KeyCorp in the third quarter valued at $32,000. Institutional investors own 79.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on KEY shares. Piper Sandler lifted their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Wall Street Zen cut shares of KeyCorp from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Robert W. Baird lifted their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company a "neutral" rating in a report on Friday, April 17th. JPMorgan Chase & Co. cut their price target on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Finally, Jefferies Financial Group lifted their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company a "hold" rating in a report on Friday, April 17th. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, KeyCorp presently has an average rating of "Moderate Buy" and an average price target of $42.78.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the business's stock in a transaction on 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 owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.56% of the company's stock.

KeyCorp Stock Performance

Shares of KEY stock opened at $21.33 on Monday. KeyCorp has a 12 month low of $15.47 and a 12 month high of $23.34. The stock has a market cap of $23.13 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 0.68 and a beta of 1.03. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The company's fifty day moving average price is $21.13 and its 200-day moving average price is $20.68.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results 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 net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.93 billion. During the same quarter in the previous year, the business posted $0.38 EPS. The company's quarterly revenue was up 10.2% on a year-over-year basis. On average, equities analysts expect that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, June 2nd. KeyCorp's payout ratio is 50.31%.

KeyCorp declared that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

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.

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