KeyCorp (NYSE:KEY) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its position in shares of KeyCorp (NYSE:KEY - Free Report) by 50.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 154,069 shares of the financial services provider's stock after acquiring an additional 51,618 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in KeyCorp were worth $2,464,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of KEY. Norges Bank purchased a new position in KeyCorp in the 4th quarter worth about $153,235,000. Vanguard Group Inc. lifted its holdings in shares of KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after buying an additional 7,754,576 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of KeyCorp during the 4th quarter valued at about $63,540,000. FMR LLC lifted its holdings in shares of KeyCorp by 7.1% during 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 last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of KeyCorp during the 4th quarter valued at about $42,827,000. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

KEY opened at $17.23 on Friday. The stock has a market cap of $18.88 billion, a PE ratio of -101.35, a P/E/G ratio of 0.64 and a beta of 1.09. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.75. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The stock's 50 day simple moving average is $15.81 and its 200-day simple moving average is $16.32.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. The firm had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the prior year, the business posted $0.20 earnings per share. Sell-side analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.76%. The ex-dividend date of this dividend was Tuesday, May 27th. KeyCorp's payout ratio is presently -482.35%.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on KEY shares. Truist Financial reduced their target price on KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a report on Tuesday, April 22nd. Barclays reduced their target price on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Bank of America boosted their target price on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Baird R W upgraded KeyCorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Wells Fargo & Company lowered KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 18th. Twelve investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.92.

Insider Transactions at KeyCorp

In other news, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction 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 sale, the director now owns 37,177 shares in the company, valued at approximately $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mohit Ramani bought 10,000 shares of the firm's stock in a transaction dated 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 acquisition, the insider now directly owns 10,000 shares of the company's stock, valued at approximately $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.52% of the company's stock.

KeyCorp 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.

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