Royal Fund Management LLC Purchases Shares of 46,300 KeyCorp $KEY

Royal Fund Management LLC acquired a new position in KeyCorp (NYSE:KEY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 46,300 shares of the financial services provider's stock, valued at approximately $928,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. DV Equities LLC acquired a new position in shares of KeyCorp in the 4th quarter valued at $27,000. Maseco LLP acquired a new stake in KeyCorp during the fourth quarter valued at $27,000. Smithfield Trust Co purchased a new position in KeyCorp in the fourth quarter valued at $31,000. Kelleher Financial Advisors purchased a new position in KeyCorp in the third quarter valued at $32,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of KeyCorp in the fourth quarter worth about $38,000. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Activity at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares of the company's stock, valued at $6,098,676.24. This 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 is available through this hyperlink. 0.56% of the stock is owned by insiders.

KeyCorp Stock Up 2.0%

Shares of NYSE KEY opened at $22.61 on Friday. The company's 50-day simple moving average is $22.57 and its 200-day simple moving average is $21.63. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The firm has a market cap of $24.41 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 0.73 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the company earned $0.35 earnings per share. The company's quarterly revenue was up 6.7% on a year-over-year basis. Equities analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has approved a stock buyback program on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be 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 is Tuesday, September 1st. KeyCorp's payout ratio is 47.67%.

Wall Street Analysts Forecast Growth

KEY has been the topic of several recent analyst reports. Wells Fargo & Company increased their target price on shares of KeyCorp from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Stephens initiated coverage on KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price target for the company. Wall Street Zen downgraded KeyCorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Truist Financial raised their price objective on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a report on Wednesday, June 24th. Finally, UBS Group boosted their price objective on KeyCorp from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $49.14.

KeyCorp Company 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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