Pacer Advisors Inc. Sells 26,000 Shares of KeyCorp $KEY

Pacer Advisors Inc. trimmed its holdings in KeyCorp (NYSE:KEY) by 35.5% in the first quarter, Holdings Channel reports. The institutional investor owned 47,260 shares of the financial services provider’s stock after selling 26,000 shares during the period. Pacer Advisors Inc.’s holdings in KeyCorp were worth $948,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. DV Equities LLC bought a new position in KeyCorp during the 4th quarter worth $27,000. Smithfield Trust Co acquired a new position in KeyCorp in the 4th quarter valued at $31,000. Kelleher Financial Advisors bought a new stake in shares of KeyCorp during the 3rd quarter valued at $32,000. Richardson Financial Services Inc. acquired a new stake in shares of KeyCorp during the 4th quarter worth $38,000. Finally, MCF Advisors LLC grew its stake in KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after buying an additional 456 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on KEY shares. Stephens began coverage on shares of KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective for the company. Truist Financial lifted their price target on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, June 24th. Piper Sandler lifted their price target on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Jefferies Financial Group upped their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Friday, April 17th. Finally, Susquehanna raised their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Stock Down 0.0%

Shares of NYSE:KEY opened at $22.72 on Monday. The company has a fifty day moving average of $22.73 and a 200-day moving average of $21.71. The company has a market capitalization of $24.25 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 0.74 and a beta of 1.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. On average, equities analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s payout ratio is 47.67%.

KeyCorp declared that its Board of Directors has initiated a share repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are generally 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.