Copley Financial Group Inc. Takes Position in KeyCorp $KEY

Copley Financial Group Inc. purchased a new stake in KeyCorp (NYSE:KEY) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 23,571 shares of the financial services provider’s stock, valued at approximately $487,000.

Other large investors also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of KeyCorp by 2.7% in the 3rd 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 during the period. Synovus Financial Corp acquired a new position in shares of KeyCorp in the 3rd quarter valued at $2,253,000. M&T Bank Corp lifted its stake in shares of KeyCorp by 5,317.0% in the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after purchasing an additional 1,325,588 shares during the period. Xponance Inc. lifted its stake in shares of KeyCorp by 31.0% in the 3rd 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 during the period. Finally, Gradient Investments LLC lifted its stake in shares of KeyCorp by 797.9% in the 4th quarter. Gradient Investments LLC now owns 897,563 shares of the financial services provider’s stock valued at $18,526,000 after purchasing an additional 797,599 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Evercore reissued an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. DA Davidson raised their price objective on KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. dropped their price objective on KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Robert W. Baird raised their price objective on KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, April 17th. Finally, Piper Sandler raised their price objective on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $44.13.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $22.74 on Wednesday. The company has a market capitalization of $24.66 billion, a PE ratio of 13.95, a PEG ratio of 0.71 and a beta of 1.03. KeyCorp has a 12 month low of $15.66 and a 12 month high of $23.34. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock’s fifty day simple moving average is $21.62 and its 200 day simple moving average is $21.04.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The firm’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.38 EPS. On average, research analysts predict that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is 50.31%.

KeyCorp declared that its board has initiated a share 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 reacquire up to 13% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction dated 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 in the company, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

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.