KeyCorp $KEY Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC decreased its stake in shares of KeyCorp (NYSE:KEY) by 32.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 71,615 shares of the financial services provider’s stock after selling 34,822 shares during the quarter. NewEdge Advisors LLC’s holdings in KeyCorp were worth $1,436,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in KEY. DV Equities LLC purchased a new stake in shares of KeyCorp in the fourth quarter valued at $27,000. Smithfield Trust Co purchased a new stake in KeyCorp during the 4th quarter worth about $31,000. Kelleher Financial Advisors purchased a new stake in KeyCorp during the 3rd quarter worth about $32,000. MCF Advisors LLC raised its stake in KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 456 shares during the last quarter. Finally, Western Wealth Management LLC acquired a new position in KeyCorp in the 1st quarter valued at about $40,000. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

KeyCorp stock opened at $23.30 on Monday. The stock has a fifty day moving average price of $22.89 and a 200 day moving average price of $21.76. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The firm has a market capitalization of $24.87 billion, a P/E ratio of 13.55, a PEG ratio of 0.76 and a beta of 1.03. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the company earned $0.35 EPS. Equities research analysts anticipate that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

Analysts Set New Price Targets

A number of research analysts have issued reports on KEY shares. Evercore restated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. JPMorgan Chase & Co. lifted their price target on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Truist Financial boosted their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. TD Cowen reissued a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a research note on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average target price of $49.14.

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.