Capital World Investors Grows Stake in KeyCorp $KEY

Capital World Investors grew its holdings in KeyCorp (NYSE:KEY) by 1.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 21,027,471 shares of the financial services provider’s stock after acquiring an additional 238,514 shares during the quarter. Capital World Investors’ holdings in KeyCorp were worth $434,007,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings 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 acquiring an additional 53,682 shares during the last quarter. Synovus Financial Corp purchased a new position in shares of KeyCorp in the 3rd quarter valued at about $2,253,000. M&T Bank Corp increased its holdings 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 acquiring an additional 1,325,588 shares during the last quarter. Xponance Inc. increased its holdings 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 acquiring an additional 111,753 shares during the last quarter. Finally, Caisse Des Depots ET Consignations purchased a new position in shares of KeyCorp in the 3rd quarter valued at about $1,294,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the topic of a number of research reports. Susquehanna raised their price target on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. The Goldman Sachs Group raised their price target on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. JPMorgan Chase & Co. dropped their price target on KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Finally, Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.78.

KeyCorp Trading Up 0.2%

NYSE:KEY opened at $21.81 on Monday. The stock’s 50 day moving average price is $21.30 and its 200 day moving average price is $20.81. The company has a market capitalization of $23.64 billion, a PE ratio of 13.38, a P/E/G ratio of 0.69 and a beta of 1.03. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 52-week low of $15.59 and a 52-week high of $23.34.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter last year, the business posted $0.38 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase plans are often 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. Shareholders of record on Tuesday, June 2nd will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is 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.