KeyCorp $KEY Shares Bought by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its KeyCorp stake by 10% in the first quarter, adding 466,273 shares to hold 5.14 million shares worth approximately $103.1 million. Institutional investors collectively own 79.69% of KeyCorp.
• KeyCorp reported quarterly earnings of $0.44 per share, beating estimates of $0.42, while revenue rose 6.7% year over year to $1.96 billion. The company also declared a $0.205 quarterly dividend, representing a 3.6% yield.
• The board authorized a $3 billion share-repurchase program, allowing the company to buy back up to 13% of its outstanding shares. Analysts maintain a “Moderate Buy” consensus rating, though the article cites a wide range of price targets.

Royal Bank of Canada grew its position in KeyCorp (NYSE:KEY - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,140,288 shares of the financial services provider's stock after buying an additional 466,273 shares during the period. Royal Bank of Canada owned 0.47% of KeyCorp worth $103,062,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. DV Equities LLC acquired a new position in KeyCorp in the fourth quarter valued at approximately $27,000. Maseco LLP purchased a new position in KeyCorp in the fourth quarter worth approximately $27,000. Smithfield Trust Co acquired a new stake in KeyCorp during the fourth quarter worth $31,000. Kelleher Financial Advisors acquired a new stake in KeyCorp during the third quarter worth $32,000. Finally, Richardson Financial Services Inc. purchased a new stake in KeyCorp in the fourth quarter valued at $38,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Stock Down 0.0%

KeyCorp stock opened at $22.61 on Friday. The company has a market capitalization of $24.40 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 0.74 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The firm has a 50 day moving average price of $22.60 and a 200 day moving average price of $21.64.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the prior year, the firm earned $0.35 earnings per share. The firm's revenue was up 6.7% compared to the same quarter last year. Research analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp's payout ratio is currently 47.67%.

KeyCorp declared that its board has authorized a stock repurchase plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

KEY has been the topic of several recent analyst reports. Susquehanna upped their price target on KeyCorp from $300.00 to $415.00 and gave the company a "positive" rating in a research note on Monday, May 18th. Wells Fargo & Company increased their price target on KeyCorp from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Evercore reissued an "outperform" rating on shares of KeyCorp in a research report on Tuesday, April 21st. Stephens began coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price objective on the stock. Finally, Piper Sandler upped their target price on shares of KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.14.

Insider Activity

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

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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