Prana Capital Management LP Acquires 1,250,639 Shares of KeyCorp (NYSE:KEY)

Prana Capital Management LP boosted its position in KeyCorp (NYSE:KEY) by 127.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,229,422 shares of the financial services provider’s stock after acquiring an additional 1,250,639 shares during the period. KeyCorp accounts for 1.8% of Prana Capital Management LP’s portfolio, making the stock its 15th largest position. Prana Capital Management LP owned 0.22% of KeyCorp worth $38,212,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock valued at $19,149,000 after purchasing an additional 36,424 shares in the last quarter. Truist Financial Corp increased its holdings in shares of KeyCorp by 27.1% during the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock worth $1,643,000 after acquiring an additional 20,424 shares during the last quarter. Avanza Fonder AB bought a new stake in KeyCorp in the 4th quarter valued at $1,618,000. Proficio Capital Partners LLC bought a new stake in KeyCorp in the 4th quarter valued at $1,519,000. Finally, CHURCHILL MANAGEMENT Corp boosted its stake in KeyCorp by 5.9% in the 4th quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider’s stock valued at $7,976,000 after purchasing an additional 26,047 shares during the period. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 0.2%

KEY stock opened at $16.59 on Thursday. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock’s 50 day moving average is $15.10 and its 200-day moving average is $16.91. The firm has a market capitalization of $18.18 billion, a PE ratio of -55.30, a P/E/G ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the company earned $0.20 earnings per share. Sell-side analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.94%. KeyCorp’s dividend payout ratio is presently -482.35%.

KeyCorp announced that its Board of Directors has approved a share buyback plan on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently weighed in on KEY shares. Keefe, Bruyette & Woods dropped their price objective on KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Morgan Stanley reaffirmed an “equal weight” rating on shares of KeyCorp in a report on Thursday, April 17th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of KeyCorp in a report on Thursday, April 17th. DA Davidson decreased their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Finally, Truist Financial decreased their price target on KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus target price of $18.97.

Insider Activity

In other news, Director Carlton L. Highsmith sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the transaction, the director now owns 37,177 shares in the company, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mohit Ramani purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were acquired at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at $137,500. The trade was a ? increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.52% of the company’s stock.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.