Waterford Advisors LLC Invests $1.73 Million in KeyCorp $KEY

Key Points

• Waterford Advisors LLC opened a new position in KeyCorp during the fourth quarter, buying 83,952 shares valued at about $1.73 million. The stake represents roughly 0.7% of Waterford’s holdings.
• KeyCorp has continued to attract institutional interest, with 79.69% of shares held by institutional investors and hedge funds. Several smaller firms also added new stakes in the bank stock.
• The company recently beat quarterly earnings expectations and also announced a $3 billion share repurchase plan plus a quarterly dividend of $0.205 per share, implying a 3.6% annualized yield.

Waterford Advisors LLC acquired a new position in KeyCorp (NYSE:KEY - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 83,952 shares of the financial services provider's stock, valued at approximately $1,733,000. KeyCorp makes up approximately 0.7% of Waterford Advisors LLC's holdings, making the stock its 17th biggest holding.

Several other large investors have also recently added to or reduced their stakes in KEY. Maseco LLP acquired a new position in KeyCorp during the 4th quarter worth $27,000. DV Equities LLC acquired a new position in shares of KeyCorp during the fourth quarter valued at $27,000. GoalVest Advisory LLC acquired a new position in shares of KeyCorp during the fourth quarter valued at $30,000. Smithfield Trust Co bought a new stake in shares of KeyCorp during the fourth quarter valued at about $31,000. Finally, Kelleher Financial Advisors bought a new stake in shares of KeyCorp during the third quarter valued at about $32,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on KEY shares. Evercore reiterated an "outperform" rating on shares of KeyCorp in a research report on Tuesday, April 21st. Robert W. Baird boosted their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock a "neutral" rating in a research report on Friday, April 17th. Royal Bank Of Canada boosted their price target on shares of KeyCorp from $22.00 to $24.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Susquehanna upped their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a research note on Monday, May 18th. Finally, Weiss Ratings upgraded shares of KeyCorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $44.13.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were 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 in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.56% of the company's stock.

KeyCorp Trading Up 0.1%

Shares of KeyCorp stock opened at $22.61 on Friday. 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 firm has a market cap of $24.52 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The business has a fifty day simple moving average of $21.70 and a 200-day simple moving average of $21.10. KeyCorp has a fifty-two week low of $16.01 and a fifty-two week high of $23.34.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The business had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $0.38 earnings per share. On average, equities analysts forecast that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Announces Dividend

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

KeyCorp announced that its board has approved a stock repurchase plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

About KeyCorp

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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