Forum Financial Management LP Buys 17,019 Shares of KeyCorp (NYSE:KEY)

Forum Financial Management LP lifted its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 121.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 31,028 shares of the financial services provider's stock after buying an additional 17,019 shares during the quarter. Forum Financial Management LP's holdings in KeyCorp were worth $532,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in KeyCorp in the 4th quarter worth about $153,235,000. Vanguard Group Inc. raised its stake in KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares in the last quarter. Freestone Grove Partners LP bought a new position in KeyCorp in the 4th quarter valued at about $63,540,000. FMR LLC increased its holdings in KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after buying an additional 2,938,405 shares during the period. Finally, Raymond James Financial Inc. bought a new position in KeyCorp in the 4th quarter valued at about $42,827,000. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Activity at KeyCorp

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

KeyCorp Trading Up 0.1%

Shares of KEY stock traded up $0.01 during mid-day trading on Wednesday, reaching $15.77. The stock had a trading volume of 21,879,400 shares, compared to its average volume of 13,030,656. The stock's 50-day moving average price is $15.17 and its two-hundred day moving average price is $16.78. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The firm has a market capitalization of $17.28 billion, a PE ratio of -52.56, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The firm had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the previous year, the company earned $0.20 earnings per share. Equities analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp announced that its board has approved a share buyback plan on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is 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 annualized dividend and a dividend yield of 5.20%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp's dividend payout ratio is currently -482.35%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on KEY. Keefe, Bruyette & Woods lowered their price objective on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. TD Cowen began coverage on shares of KeyCorp in a research report on Thursday, May 15th. They set a "hold" rating and a $18.00 price objective for the company. Baird R W upgraded shares of KeyCorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Wall Street Zen upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a research report on Monday, April 21st. Finally, Truist Financial lowered their price objective on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a research report on Tuesday, April 22nd. Eleven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $18.86.

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.