Wealth Enhancement Advisory Services LLC Raises Stake in KeyCorp (NYSE:KEY)

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 22.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,451 shares of the financial services provider's stock after purchasing an additional 18,790 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in KeyCorp were worth $1,756,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Tallon Kerry Patrick acquired a new stake in KeyCorp in the 4th quarter valued at about $248,000. Brighton Jones LLC acquired a new position in KeyCorp in the 4th quarter valued at $476,000. Mather Group LLC. increased its stake in KeyCorp by 11.4% in the 4th quarter. Mather Group LLC. now owns 13,681 shares of the financial services provider's stock valued at $234,000 after buying an additional 1,405 shares during the period. Retirement Systems of Alabama grew its stake in shares of KeyCorp by 6.7% during the 4th quarter. Retirement Systems of Alabama now owns 214,614 shares of the financial services provider's stock worth $3,678,000 after purchasing an additional 13,508 shares during the period. Finally, Yousif Capital Management LLC grew its stake in shares of KeyCorp by 1.5% during the 4th quarter. Yousif Capital Management LLC now owns 133,317 shares of the financial services provider's stock worth $2,285,000 after purchasing an additional 1,938 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wells Fargo & Company reiterated an "overweight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Citigroup reaffirmed a "buy" rating on shares of KeyCorp in a research report on Thursday, April 17th. Jefferies Financial Group started coverage on shares of KeyCorp in a report on Wednesday, May 21st. They set a "hold" rating and a $18.00 price objective for the company. JPMorgan Chase & Co. dropped their price target on KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Finally, Truist Financial cut their price objective on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a research report on Tuesday, April 22nd. Eleven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, KeyCorp presently has an average rating of "Moderate Buy" and a consensus price target of $18.86.

KeyCorp Stock Performance

KeyCorp stock traded up $0.43 during mid-day trading on Friday, hitting $16.33. 8,923,936 shares of the company's stock traded hands, compared to its average volume of 13,001,335. The firm has a 50 day simple moving average of $15.13 and a two-hundred day simple moving average of $16.60. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The stock has a market cap of $17.90 billion, a price-to-earnings ratio of -54.43, a P/E/G ratio of 0.65 and a beta of 1.10. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm earned $0.20 earnings per share. On average, research analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp's dividend payout ratio is presently -482.35%.

KeyCorp declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at KeyCorp

In related news, insider Mohit Ramani acquired 10,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider now directly owns 10,000 shares in the company, valued at $137,500. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Carlton L. Highsmith sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the transaction, the director now directly owns 37,177 shares in the company, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.52% of the company's stock.

KeyCorp Company 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.