IFM Investors Pty Ltd Acquires 24,488 Shares of KeyCorp $KEY

IFM Investors Pty Ltd boosted its holdings in shares of KeyCorp (NYSE:KEY) by 13.0% in the first quarter, Holdings Channel.com reports. The fund owned 213,357 shares of the financial services provider’s stock after buying an additional 24,488 shares during the quarter. IFM Investors Pty Ltd’s holdings in KeyCorp were worth $4,278,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. M&T Bank Corp increased its holdings in shares of KeyCorp by 5,317.0% in the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock worth $27,875,000 after acquiring an additional 1,325,588 shares in the last quarter. Gradient Investments LLC lifted its holdings in shares of KeyCorp by 797.9% during 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 in the last quarter. Bank of New York Mellon Corp grew its position in shares of KeyCorp by 14.8% in the 4th quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock valued at $115,638,000 after purchasing an additional 721,421 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in KeyCorp by 68.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 204,993 shares of the financial services provider’s stock worth $4,428,000 after purchasing an additional 83,367 shares in the last quarter. Finally, Brevan Howard Capital Management LP raised its holdings in KeyCorp by 130.6% during the 3rd quarter. Brevan Howard Capital Management LP now owns 584,471 shares of the financial services provider’s stock worth $10,924,000 after buying an additional 330,967 shares during the period. Institutional investors own 79.69% of the company’s stock.

Insider Activity

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on KEY. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Piper Sandler upped their price objective on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. TD Cowen reiterated a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a report on Tuesday, June 23rd. Evercore reiterated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Truist Financial increased their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, June 24th. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.55.

KeyCorp Stock Down 0.1%

KEY opened at $22.99 on Friday. KeyCorp has a 1-year low of $16.47 and a 1-year high of $23.72. The stock’s fifty day simple moving average is $21.99 and its 200 day simple moving average is $21.36. 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 $24.82 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 0.72 and a beta of 1.02.

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

KeyCorp announced that its Board of Directors has initiated a share repurchase 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 buy up to 13% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

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

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.