Thrivent Financial for Lutherans Has $2.79 Million Stake in KeyCorp $KEY

Thrivent Financial for Lutherans trimmed its holdings in KeyCorp (NYSE:KEY) by 97.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,117 shares of the financial services provider’s stock after selling 4,985,159 shares during the period. Thrivent Financial for Lutherans’ holdings in KeyCorp were worth $2,788,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in KeyCorp by 2.7% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider’s stock valued at $37,641,000 after purchasing an additional 53,682 shares in the last quarter. Synovus Financial Corp acquired a new position in KeyCorp during the third quarter valued at approximately $2,253,000. National Pension Service raised its position in KeyCorp by 30.6% during the third quarter. National Pension Service now owns 198,659 shares of the financial services provider’s stock valued at $3,713,000 after purchasing an additional 46,509 shares in the last quarter. Xponance Inc. raised its position in KeyCorp by 31.0% during the third quarter. Xponance Inc. now owns 471,949 shares of the financial services provider’s stock valued at $8,821,000 after purchasing an additional 111,753 shares in the last quarter. Finally, Caisse Des Depots ET Consignations acquired a new position in KeyCorp during the third quarter valued at approximately $1,294,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on KEY. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Truist Financial lowered their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research report on Monday, March 23rd. Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, The Goldman Sachs Group upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.78.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $21.59 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a twelve month low of $15.28 and a twelve month high of $23.34. The stock has a market cap of $23.40 billion, a price-to-earnings ratio of 13.24, a P/E/G ratio of 0.69 and a beta of 1.06. The company’s fifty day moving average is $20.89 and its 200 day moving average is $20.55.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share 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 company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. KeyCorp’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts forecast that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. KeyCorp’s payout ratio is currently 50.31%.

KeyCorp declared that its board has initiated a share buyback 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 reacquire up to 13% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

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.