Y Intercept Hong Kong Ltd Decreases Stock Position in KeyCorp $KEY

Y Intercept Hong Kong Ltd cut its position in KeyCorp (NYSE:KEY) by 85.1% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 40,847 shares of the financial services provider’s stock after selling 232,841 shares during the period. Y Intercept Hong Kong Ltd’s holdings in KeyCorp were worth $819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in KEY. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in KeyCorp by 209.0% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 321,413 shares of the financial services provider’s stock valued at $6,444,000 after purchasing an additional 217,400 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in KeyCorp during the first quarter worth about $224,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. increased its stake in shares of KeyCorp by 0.3% in the first quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 182,494 shares of the financial services provider’s stock worth $3,659,000 after purchasing an additional 601 shares in the last quarter. Keybank National Association OH purchased a new position in shares of KeyCorp in the first quarter worth about $341,000. Finally, Pzena Investment Management LLC raised its position in shares of KeyCorp by 0.9% in the first quarter. Pzena Investment Management LLC now owns 1,658,905 shares of the financial services provider’s stock valued at $33,261,000 after purchasing an additional 14,336 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Ratings Changes

KEY has been the topic of a number of recent research reports. The Goldman Sachs Group upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Robert W. Baird lifted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, April 17th. Susquehanna boosted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Piper Sandler increased their target price on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Finally, Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.34.

KeyCorp Trading Up 0.1%

Shares of KeyCorp stock opened at $23.32 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a 1 year low of $16.47 and a 1 year high of $23.72. The firm has a market cap of $25.17 billion, a PE ratio of 14.30, a PEG ratio of 0.73 and a beta of 1.02. The company has a 50 day simple moving average of $22.13 and a two-hundred day simple moving average of $21.44.

KeyCorp (NYSE:KEY) last issued its quarterly 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. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.38 EPS. Analysts expect that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

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

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

Insiders Place Their Bets

In other KeyCorp 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 in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.56% of the stock is owned by insiders.

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.