Mattson Financial Services LLC Acquires 56,736 Shares of KeyCorp $KEY

Mattson Financial Services LLC grew its holdings in KeyCorp (NYSE:KEY) by 298.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,771 shares of the financial services provider’s stock after acquiring an additional 56,736 shares during the period. Mattson Financial Services LLC’s holdings in KeyCorp were worth $1,564,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in KEY. Wellington Management Group LLP grew its position in KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares in the last quarter. Capital World Investors boosted its holdings in shares of KeyCorp by 169.2% during the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after buying an additional 13,067,326 shares during the period. Norges Bank bought a new stake in shares of KeyCorp during the 4th quarter worth $262,688,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of KeyCorp during the 4th quarter worth $150,843,000. Finally, Deutsche Bank AG boosted its holdings in shares of KeyCorp by 132.7% during the 4th quarter. Deutsche Bank AG now owns 8,259,754 shares of the financial services provider’s stock worth $170,481,000 after buying an additional 4,709,698 shares during the period. 79.69% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Royal Bank Of Canada upped their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. Susquehanna upped their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. Piper Sandler upped their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. JPMorgan Chase & Co. decreased their price objective on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Finally, Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued 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 $42.78.

KeyCorp Price Performance

NYSE:KEY opened at $22.36 on Friday. The firm has a market cap of $24.25 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 0.70 and a beta of 1.03. KeyCorp has a 12 month low of $15.59 and a 12 month high of $23.34. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $21.49 and its two-hundred day moving average price is $20.94.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue was up 10.2% on a year-over-year basis. On average, equities analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders 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 3.7%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

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.