KeyCorp $KEY Shares Sold by Intech Investment Management LLC

Key Points

• Intech Investment Management cut its KeyCorp stake by 74.9% in the fourth quarter, selling 145,496 shares and leaving it with 48,690 shares worth about $1.0 million.
• KeyCorp reported strong quarterly results, with EPS of $0.44 beating estimates and revenue of $1.95 billion topping expectations; revenue also rose 10.2% year over year.
• The bank announced a quarterly dividend of $0.205 per share and authorized a $3 billion share buyback, while analysts broadly remain constructive with a consensus rating of “Moderate Buy.”

Intech Investment Management LLC reduced its position in KeyCorp (NYSE:KEY - Free Report) by 74.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 48,690 shares of the financial services provider's stock after selling 145,496 shares during the period. Intech Investment Management LLC's holdings in KeyCorp were worth $1,005,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in KeyCorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock worth $493,048,000 after acquiring an additional 115,968 shares during the period. Flputnam Investment Management Co. grew its stake in KeyCorp by 22.4% in the 4th quarter. Flputnam Investment Management Co. now owns 14,214 shares of the financial services provider's stock worth $293,000 after acquiring an additional 2,605 shares during the period. AlphaQuest LLC grew its stake in KeyCorp by 99.8% in the 4th quarter. AlphaQuest LLC now owns 211,592 shares of the financial services provider's stock worth $4,367,000 after acquiring an additional 105,707 shares during the period. Smithfield Trust Co purchased a new stake in KeyCorp in the 4th quarter worth approximately $31,000. Finally, Bleakley Financial Group LLC grew its stake in KeyCorp by 50.8% in the 4th quarter. Bleakley Financial Group LLC now owns 23,608 shares of the financial services provider's stock worth $487,000 after acquiring an additional 7,952 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Up 0.2%

Shares of NYSE KEY opened at $21.81 on Monday. KeyCorp has a 52-week low of $15.59 and a 52-week high of $23.34. The firm has a fifty day moving average of $21.30 and a 200-day moving average of $20.81. The stock has a market capitalization of $23.64 billion, a PE ratio of 13.38, a P/E/G ratio of 0.69 and a beta of 1.03. 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 announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.93 billion. During the same period in the previous year, the company earned $0.38 EPS. The business's quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. KeyCorp's payout ratio is presently 50.31%.

KeyCorp declared that its board has authorized a stock buyback plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

KEY has been the subject of several recent analyst reports. DA Davidson lifted their target price on shares of KeyCorp from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Truist Financial lowered their target price on shares of KeyCorp from $23.00 to $22.00 and set a "hold" rating for the company in a research note on Monday, March 23rd. Piper Sandler lifted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Weiss Ratings raised shares of KeyCorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, Royal Bank Of Canada lifted their target price on shares of KeyCorp from $22.00 to $24.00 and gave the stock an "outperform" rating in a research note on Friday, April 17th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, KeyCorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.78.

Insider Buying and Selling at KeyCorp

In related 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 owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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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