Louisiana State Employees Retirement System Invests $958,000 in KeyCorp $KEY

Key Points

• Louisiana State Employees Retirement System bought a new stake in KeyCorp during the first quarter, purchasing 47,800 shares worth about $958,000.
• Institutional interest in KeyCorp remains strong, with several large investors recently boosting their holdings and 79.69% of the stock now owned by institutions.
• KeyCorp reported solid quarterly results, beating EPS and revenue estimates, while also maintaining a quarterly dividend and authorizing a $3 billion share buyback.

Louisiana State Employees Retirement System purchased a new stake in shares of KeyCorp (NYSE:KEY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 47,800 shares of the financial services provider's stock, valued at approximately $958,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock valued at $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. Capital World Investors boosted its stake in shares of KeyCorp by 169.2% during the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider's stock valued at $388,546,000 after purchasing an additional 13,067,326 shares in the last quarter. Norges Bank purchased a new position in KeyCorp during the fourth quarter valued at approximately $262,688,000. Eurizon Capital SGR S.p.A. purchased a new position in KeyCorp during the fourth quarter valued at approximately $150,843,000. Finally, AQR Capital Management LLC raised its stake in KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider's stock worth $147,862,000 after buying an additional 5,776,417 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on KEY shares. Piper Sandler upped their target price on KeyCorp from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Robert W. Baird lifted their price target on KeyCorp from $19.00 to $22.00 and gave the company a "neutral" rating in a report on Friday, April 17th. JPMorgan Chase & Co. reduced their price target on KeyCorp from $24.50 to $22.50 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Truist Financial upped their price objective on KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a research note on Wednesday, June 24th. Finally, TD Cowen reaffirmed a "buy" rating and set a $68.00 price objective on shares of KeyCorp in a research report on Tuesday, June 23rd. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, KeyCorp has a consensus rating of "Moderate Buy" and a consensus price target of $46.55.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares of the company's stock, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is owned by corporate insiders.

KeyCorp Price Performance

Shares of KEY opened at $22.99 on Monday. The company has a market cap of $24.82 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 0.72 and a beta of 1.02. KeyCorp has a twelve month low of $16.47 and a twelve month high of $23.72. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The company has a 50 day moving average of $21.99 and a two-hundred day moving average of $21.36.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The business's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts predict that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.6%. The ex-dividend date was Tuesday, June 2nd. KeyCorp's payout ratio is 50.31%.

KeyCorp announced that its board has authorized a stock repurchase program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

KeyCorp Profile

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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