KeyCorp $KEY Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC decreased its holdings in shares of KeyCorp (NYSE:KEY) by 74.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 48,690 shares of the financial services provider’s stock after selling 145,496 shares during the period. Intech Investment Management LLC’s holdings in KeyCorp were worth $1,005,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in KeyCorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after buying an additional 115,968 shares in the last quarter. Flputnam Investment Management Co. lifted its holdings in KeyCorp by 22.4% in the 4th quarter. Flputnam Investment Management Co. now owns 14,214 shares of the financial services provider’s stock worth $293,000 after buying an additional 2,605 shares in the last quarter. AlphaQuest LLC lifted its holdings in KeyCorp by 99.8% in the 4th quarter. AlphaQuest LLC now owns 211,592 shares of the financial services provider’s stock worth $4,367,000 after buying an additional 105,707 shares in the last quarter. Smithfield Trust Co acquired a new position in KeyCorp in the 4th quarter worth $31,000. Finally, Bleakley Financial Group LLC lifted its holdings in KeyCorp by 50.8% in the 4th quarter. Bleakley Financial Group LLC now owns 23,608 shares of the financial services provider’s stock worth $487,000 after buying an additional 7,952 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $21.81 on Monday. The firm has a market cap of $23.64 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.69 and a beta of 1.03. The firm’s 50-day simple moving average is $21.30 and its 200-day simple moving average is $20.81. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. KeyCorp has a 1 year low of $15.59 and a 1 year high of $23.34.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The business 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 company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 EPS. Equities analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 13% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio is 50.31%.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the business’s 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 $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted 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. The Goldman Sachs Group boosted their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Susquehanna boosted 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. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Piper Sandler boosted 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. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.78.

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.