MFG Wealth Management Inc. Raises Stake in KeyCorp $KEY

Key Points

• MFG Wealth Management Inc. significantly increased its stake in KeyCorp by 154.9% during the second quarter, now owning 178,625 shares valued at approximately $3.1 million.
• Several large investors, including Price T Rowe Associates and Vanguard Group, also boosted their stakes in KeyCorp, indicating strong institutional interest in the stock.
• KeyCorp recently announced a quarterly dividend of $0.205 per share, with a yield of 4.4%, showing a commitment to returning value to shareholders despite a negative payout ratio.

MFG Wealth Management Inc. raised its stake in KeyCorp (NYSE:KEY - Free Report) by 154.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 178,625 shares of the financial services provider's stock after buying an additional 108,537 shares during the quarter. KeyCorp makes up approximately 2.6% of MFG Wealth Management Inc.'s investment portfolio, making the stock its 12th largest position. MFG Wealth Management Inc.'s holdings in KeyCorp were worth $3,112,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock valued at $814,756,000 after purchasing an additional 14,651,281 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of KeyCorp by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after purchasing an additional 8,412,625 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of KeyCorp by 1,142.4% in the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock valued at $79,978,000 after purchasing an additional 4,599,197 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of KeyCorp in the 1st quarter valued at $60,194,000. Finally, Invesco Ltd. lifted its stake in shares of KeyCorp by 19.5% in the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock valued at $329,777,000 after purchasing an additional 3,363,421 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on KEY shares. Truist Financial upped their price target on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Monday, July 28th. Baird R W lowered KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Robert W. Baird lowered KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price on the stock. in a research note on Wednesday, July 2nd. Jefferies Financial Group started coverage on KeyCorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $18.00 target price on the stock. Finally, Wells Fargo & Company increased their target price on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, KeyCorp has a consensus rating of "Hold" and an average target price of $19.39.

Insiders Place Their Bets

In other KeyCorp news, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director owned 82,719 shares of the company's stock, valued at $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 174,102 shares of company stock valued at $3,299,664 over the last quarter. Company insiders own 0.52% of the company's stock.

KeyCorp Trading Down 1.2%

KEY opened at $18.84 on Tuesday. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The company has a market cap of $20.65 billion, a P/E ratio of -269.07, a PEG ratio of 0.67 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. The business's 50-day simple moving average is $18.49 and its 200-day simple moving average is $16.68.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the prior year, the business posted $0.25 EPS. The business's revenue for the quarter was up 20.6% on a year-over-year basis. As a group, equities research analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 annualized dividend and a yield of 4.4%. KeyCorp's payout ratio is -1,171.43%.

About KeyCorp

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.

Want to see what other hedge funds are holding KEY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KeyCorp (NYSE:KEY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.