Royal Bank of Canada Purchases 331,927 Shares of KeyCorp (NYSE:KEY)

Royal Bank of Canada increased its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 10.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,635,081 shares of the financial services provider's stock after buying an additional 331,927 shares during the quarter. Royal Bank of Canada owned 0.37% of KeyCorp worth $62,306,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. TCTC Holdings LLC lifted its position in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after buying an additional 611 shares during the period. Signaturefd LLC raised its position in KeyCorp by 16.0% in the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 614 shares during the last quarter. Modera Wealth Management LLC raised its position in KeyCorp by 3.9% in the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider's stock valued at $283,000 after purchasing an additional 627 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in KeyCorp by 2.6% in the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock valued at $423,000 after purchasing an additional 631 shares during the last quarter. Finally, Ballentine Partners LLC raised its position in KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider's stock valued at $220,000 after purchasing an additional 692 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

Insider Buying and Selling

In other KeyCorp news, insider Mohit Ramani acquired 10,000 shares of the stock in a transaction dated Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider now owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the sale, the director now directly owns 37,177 shares of the company's stock, valued at $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on KEY. Wells Fargo & Company reiterated an "overweight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Royal Bank of Canada restated an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Barclays dropped their target price on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Jefferies Financial Group began coverage on KeyCorp in a research report on Wednesday. They set a "hold" rating and a $18.00 target price for the company. Finally, Cowen began coverage on KeyCorp in a research report on Wednesday, May 14th. They set a "hold" rating for the company. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $18.86.

KeyCorp Stock Performance

Shares of NYSE KEY traded down $0.05 during trading hours on Friday, reaching $15.64. 10,024,602 shares of the stock were exchanged, compared to its average volume of 12,963,753. The firm has a market capitalization of $17.14 billion, a price-to-earnings ratio of -52.13, a P/E/G ratio of 0.65 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The stock's fifty day simple moving average is $15.19 and its 200 day simple moving average is $16.85.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same quarter last year, the company earned $0.20 earnings per share. Sell-side analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its Board of Directors has authorized a share repurchase program on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, May 27th will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp's dividend payout ratio is currently -482.35%.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.