Groupama Asset Managment Acquires 29,467 Shares of KeyCorp $KEY

Groupama Asset Managment grew its holdings in shares of KeyCorp (NYSE:KEY) by 101.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,465 shares of the financial services provider’s stock after purchasing an additional 29,467 shares during the period. Groupama Asset Managment’s holdings in KeyCorp were worth $1,172,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. MCF Advisors LLC boosted its stake in shares of KeyCorp by 31.6% in the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after buying an additional 456 shares during the period. Prime Capital Investment Advisors LLC increased its stake in KeyCorp by 1.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 486 shares during the period. Harbour Investments Inc. raised its holdings in KeyCorp by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in KeyCorp by 5.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 522 shares in the last quarter. Finally, J.W. Cole Advisors Inc. lifted its position in shares of KeyCorp by 3.8% during the 4th quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 547 shares during the period. 79.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on KEY. Royal Bank Of Canada increased their target price on KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Truist Financial upped their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. TD Cowen reissued a “buy” rating and issued a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Finally, Evercore restated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.14.

KeyCorp Price Performance

KEY stock opened at $22.61 on Friday. The company has a 50 day simple moving average of $22.60 and a 200 day simple moving average of $21.64. The stock has a market cap of $24.40 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 0.74 and a beta of 1.02. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the firm earned $0.35 EPS. The firm’s revenue was up 6.7% compared to the same quarter last year. Research analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

KeyCorp announced that its board has authorized a stock buyback program 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 programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on 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. The trade was a 7.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.56% of the stock is owned by corporate insiders.

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.