KeyCorp $KEY Shares Bought by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management dramatically increased its stake in KeyCorp, boosting holdings by 28,028.8% in the fourth quarter to 3.37 million shares worth about $69.5 million.
• KeyCorp reported better-than-expected quarterly results, with EPS of $0.44 versus the $0.41 estimate and revenue of $1.95 billion versus $1.93 billion expected.
• The company’s board approved a $3 billion share buyback and declared a quarterly dividend of $0.205 per share, implying an annual yield of about 3.6%.

Panagora Asset Management Inc. raised its holdings in KeyCorp (NYSE:KEY - Free Report) by 28,028.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,366,738 shares of the financial services provider's stock after purchasing an additional 3,354,769 shares during the period. Panagora Asset Management Inc. owned about 0.31% of KeyCorp worth $69,489,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in KEY. Brighton Jones LLC bought a new stake in shares of KeyCorp in the 4th quarter valued at approximately $476,000. Woodline Partners LP increased its holdings in shares of KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after acquiring an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of KeyCorp by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after acquiring an additional 1,890 shares during the last quarter. Cresset Asset Management LLC increased its holdings in shares of KeyCorp by 6.5% in the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after acquiring an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. bought a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $186,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

KEY has been the subject of a number of research analyst reports. Truist Financial lowered their price target on KeyCorp from $23.00 to $22.00 and set a "hold" rating for the company in a report on Monday, March 23rd. Wall Street Zen downgraded KeyCorp from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. JPMorgan Chase & Co. lowered their price target on KeyCorp from $24.50 to $22.50 and set a "neutral" rating for the company in a report on Tuesday, April 7th. Robert W. Baird boosted their price target on KeyCorp from $19.00 to $22.00 and gave the company a "neutral" rating in a report on Friday, April 17th. Finally, Weiss Ratings upgraded KeyCorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.78.

KeyCorp Price Performance

Shares of KEY opened at $22.67 on Monday. The company has a market cap of $24.58 billion, a P/E ratio of 13.91, a PEG ratio of 0.72 and a beta of 1.03. The stock has a fifty day moving average price of $21.54 and a 200 day moving average price of $20.98. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a 12 month low of $15.59 and a 12 month high of $23.34.

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

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, June 2nd. KeyCorp's dividend payout ratio is presently 50.31%.

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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