KeyCorp $KEY Shares Bought by Barclays PLC

Key Points

• Barclays PLC increased its stake in KeyCorp by 8.1% in the fourth quarter, buying an additional 422,506 shares and bringing its total holding to 5.66 million shares worth about $116.8 million.
• KeyCorp’s latest earnings topped expectations, with quarterly EPS of $0.44 versus the $0.41 consensus and revenue of $1.95 billion, up 10.2% year over year.
• The company also authorized a $3 billion stock buyback and recently paid a quarterly dividend of $0.205 per share, implying an annualized yield of 3.7%.

Barclays PLC boosted its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 8.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,660,292 shares of the financial services provider's stock after acquiring an additional 422,506 shares during the quarter. Barclays PLC owned about 0.52% of KeyCorp worth $116,828,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. MCF Advisors LLC grew its stake in shares of KeyCorp by 31.6% in the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider's stock valued at $39,000 after buying an additional 456 shares in the last quarter. Prime Capital Investment Advisors LLC lifted its holdings in shares of KeyCorp by 1.7% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider's stock valued at $588,000 after purchasing an additional 486 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of KeyCorp by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 508 shares during the last quarter. Centennial Wealth Advisory LLC raised its stake in KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider's stock valued at $929,000 after acquiring an additional 524 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in KeyCorp by 4.6% during the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider's stock worth $252,000 after purchasing an additional 539 shares during the period. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Buying and Selling at KeyCorp

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

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Evercore reiterated an "outperform" rating on shares of KeyCorp in a research report on Tuesday, April 21st. Morgan Stanley dropped their target price on KeyCorp from $26.00 to $24.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. The Goldman Sachs Group upped their price target on KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Piper Sandler upped their price target on KeyCorp from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Finally, Truist Financial reduced their target price on KeyCorp from $23.00 to $22.00 and set a "hold" rating on the stock in a research note on Monday, March 23rd. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $44.13.

KeyCorp Trading Down 1.3%

Shares of KeyCorp stock opened at $22.40 on Tuesday. KeyCorp has a fifty-two week low of $15.66 and a fifty-two week high of $23.34. The firm has a market cap of $24.29 billion, a PE ratio of 13.74, a P/E/G ratio of 0.72 and a beta of 1.03. The business's fifty day moving average is $21.58 and its two-hundred day moving average is $21.01. 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 issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the prior year, the company posted $0.38 EPS. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts anticipate that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp announced that its Board of Directors has initiated a stock repurchase 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 generally an indication that the company's management believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp's dividend payout ratio (DPR) is 50.31%.

KeyCorp Company 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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