DNB Asset Management AS Buys 308,024 Shares of KeyCorp $KEY

DNB Asset Management AS boosted its stake in shares of KeyCorp (NYSE:KEY) by 182.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 476,833 shares of the financial services provider’s stock after buying an additional 308,024 shares during the quarter. DNB Asset Management AS’s holdings in KeyCorp were worth $9,842,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Prime Capital Investment Advisors LLC increased its position in KeyCorp by 1.7% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after buying an additional 486 shares in the last quarter. Centennial Wealth Advisory LLC lifted its position in shares of KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock valued at $929,000 after buying an additional 524 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of KeyCorp by 4.6% during the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock valued at $252,000 after buying an additional 539 shares in the last quarter. Kingsview Wealth Management LLC grew its stake in shares of KeyCorp by 2.7% during the 3rd quarter. Kingsview Wealth Management LLC now owns 21,255 shares of the financial services provider’s stock valued at $397,000 after acquiring an additional 568 shares during the period. Finally, NorthCrest Asset Manangement LLC grew its stake in shares of KeyCorp by 4.1% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 15,912 shares of the financial services provider’s stock valued at $293,000 after acquiring an additional 627 shares during the period. Institutional investors own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp 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 directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.56% of the company’s stock.

KeyCorp Stock Up 0.1%

NYSE KEY opened at $21.05 on Monday. KeyCorp has a 12 month low of $15.28 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 has a market cap of $22.83 billion, a PE ratio of 12.92, a P/E/G ratio of 0.67 and a beta of 1.06. The stock’s 50 day moving average is $20.74 and its 200 day moving average is $20.42.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same period last year, the firm posted $0.38 EPS. The company’s revenue was up 10.2% on a year-over-year basis. Research analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on KEY shares. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Jefferies Financial Group upped their price target on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Friday, April 17th. Argus increased their price objective on shares of KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Morgan Stanley decreased their price objective on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Finally, Royal Bank Of Canada lifted their target price on shares of KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, April 17th. Twelve investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.18.

KeyCorp 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.