Patriot Financial Group Insurance Agency LLC Makes New $1.14 Million Investment in KeyCorp $KEY

Patriot Financial Group Insurance Agency LLC purchased a new position in shares of KeyCorp (NYSE:KEY) during the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 56,924 shares of the financial services provider’s stock, valued at approximately $1,141,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Wellington Management Group LLP increased its stake in KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the period. Capital World Investors boosted its position in KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after buying an additional 13,067,326 shares during the period. Norges Bank acquired a new position in shares of KeyCorp in the fourth quarter worth $262,688,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of KeyCorp in the fourth quarter worth $150,843,000. Finally, AQR Capital Management LLC grew its stake in shares of KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Price Performance

Shares of KEY opened at $23.16 on Tuesday. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.73 and a beta of 1.03. The firm’s fifty day simple moving average is $21.91 and its 200-day simple moving average is $21.29. KeyCorp has a twelve month low of $16.47 and a twelve month high of $23.72. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping 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 firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The company’s revenue was up 10.2% compared to the same quarter last year. Equities analysts forecast that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its board has authorized a share repurchase 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 buy up to 13% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a $0.205 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio is presently 50.31%.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s 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 sale, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

KEY has been the topic of several analyst reports. Piper Sandler increased their price objective on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. DA Davidson boosted their target price on KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. The Goldman Sachs Group upped their price target on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Robert W. Baird increased their price target on KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. Finally, Jefferies Financial Group lifted their price objective on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, April 17th. Thirteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.55.

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.