iA Global Asset Management Inc. Buys 63,961 Shares of KeyCorp $KEY

Key Points

• iA Global Asset Management increased its KeyCorp stake by 51.2% in the first quarter, buying 63,961 additional shares and bringing its total holdings to 188,808 shares worth about $3.79 million.
• KeyCorp reported better-than-expected first-quarter results, posting EPS of $0.44 versus estimates of $0.41 and revenue of $1.95 billion versus $1.93 billion expected.
• The company authorized a $3 billion share repurchase program and also paid a quarterly dividend of $0.205 per share, implying an annualized yield of 3.5%.

iA Global Asset Management Inc. lifted its stake in KeyCorp (NYSE:KEY - Free Report) by 51.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 188,808 shares of the financial services provider's stock after purchasing an additional 63,961 shares during the period. iA Global Asset Management Inc.'s holdings in KeyCorp were worth $3,786,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of KEY. Vanguard Group Inc. increased its stake in shares of KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider's stock valued at $2,576,110,000 after buying an additional 1,192,323 shares during the period. Wellington Management Group LLP lifted its stake in shares of KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock valued at $679,768,000 after acquiring an additional 17,245,128 shares during the period. Geode Capital Management LLC lifted its stake in shares of KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock valued at $493,048,000 after acquiring an additional 115,968 shares during the period. Capital World Investors boosted its holdings in KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider's stock valued at $434,007,000 after acquiring an additional 238,514 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in KeyCorp by 4.7% in the fourth quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider's stock valued at $424,507,000 after acquiring an additional 916,732 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

Insider Buying and Selling

In other news, insider Angela G. Mago sold 22,826 shares of KeyCorp 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 transaction, the insider directly owned 281,564 shares of the company's stock, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.56% of the company's stock.

KeyCorp Trading Up 1.0%

NYSE:KEY opened at $23.27 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1-year low of $16.47 and a 1-year high of $23.72. The firm has a market capitalization of $25.12 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 0.72 and a beta of 1.02. The business's 50-day moving average price is $21.96 and its two-hundred day moving average price is $21.33.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 EPS. On average, equities analysts expect that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its board has initiated a share repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. KeyCorp's payout ratio is currently 50.31%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. The Goldman Sachs Group lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Morgan Stanley raised their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday. Truist Financial lifted their price target on shares of KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a research report on Wednesday, June 24th. JPMorgan Chase & Co. dropped their price target on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Finally, Royal Bank Of Canada increased their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.55.

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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