iA Global Asset Management Inc. Purchases New Stake in KeyCorp $KEY

Key Points

• iA Global Asset Management disclosed a new fourth-quarter stake in KeyCorp, buying 124,847 shares valued at about $2.58 million. Several other institutional investors also added to or initiated positions in the bank.
• Analysts remain broadly positive on KeyCorp, with a consensus rating of “Moderate Buy” and an average target price of $42.78. Recent notes included both price-target increases and reductions, reflecting mixed short-term views.
• KeyCorp reported better-than-expected quarterly results, earning $0.44 per share versus the $0.41 estimate and posting revenue of $1.95 billion, up 10.2% year over year. The company also announced a quarterly dividend of $0.205 per share and a new $3 billion share buyback authorization.

iA Global Asset Management Inc. purchased a new stake in KeyCorp (NYSE:KEY - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 124,847 shares of the financial services provider's stock, valued at approximately $2,577,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Maseco LLP acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $27,000. United Community Bank acquired a new stake in shares of KeyCorp in the third quarter valued at approximately $27,000. GoalVest Advisory LLC acquired a new stake in KeyCorp during the fourth quarter worth $30,000. True Wealth Design LLC increased its stake in KeyCorp by 1,263.5% during the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider's stock worth $35,000 after acquiring an additional 1,592 shares during the last quarter. Finally, Kelleher Financial Advisors acquired a new stake in KeyCorp during the third quarter worth $32,000. Institutional investors and hedge funds own 79.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on KEY. The Goldman Sachs Group raised their target price on KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. Truist Financial cut 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. DA Davidson raised their target price on KeyCorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. cut their target price on KeyCorp from $24.50 to $22.50 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Finally, Robert W. Baird raised their target price on KeyCorp from $19.00 to $22.00 and gave the stock a "neutral" rating in a research note on Friday, April 17th. Thirteen 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 company. According to data from MarketBeat.com, KeyCorp presently has a consensus rating of "Moderate Buy" and an average target price of $42.78.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.56% of the company's stock.

KeyCorp Trading Up 0.2%

KEY opened at $21.08 on Tuesday. KeyCorp has a 52 week low of $15.28 and a 52 week high of $23.34. The business has a fifty day simple moving average of $20.76 and a 200-day simple moving average of $20.44. The firm has a market cap of $22.86 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.67 and a beta of 1.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.

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

KeyCorp Announces Dividend

The company 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. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, June 2nd. KeyCorp's dividend payout ratio (DPR) is currently 50.31%.

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

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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