Legal & General Group Plc Trims Stock Holdings in KeyCorp $KEY

Legal & General Group Plc decreased its position in KeyCorp (NYSE:KEY) by 1.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,672,646 shares of the financial services provider’s stock after selling 75,850 shares during the period. Legal & General Group Plc’s holdings in KeyCorp were worth $117,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in KEY. United Community Bank purchased a new position in KeyCorp in the 3rd quarter worth $27,000. Maseco LLP purchased a new position in KeyCorp in the 4th quarter worth $27,000. GoalVest Advisory LLC purchased a new position in KeyCorp in the 4th quarter worth $30,000. Kelleher Financial Advisors purchased a new position in KeyCorp in the 3rd quarter worth $32,000. Finally, True Wealth Design LLC raised its stake in KeyCorp by 1,263.5% in the 4th quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,592 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 0.8%

KeyCorp stock opened at $21.34 on Friday. The firm has a market cap of $23.14 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 0.68 and a beta of 1.06. KeyCorp has a 52 week low of $15.47 and a 52 week high of $23.34. The business’s 50-day moving average price is $21.09 and its 200 day moving average price is $20.66. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate 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 return on equity of 10.80% and a net margin of 17.03%.KeyCorp’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.38 earnings per share. As a group, sell-side analysts anticipate that KeyCorp will post 1.83 earnings per share for the current year.

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

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s payout ratio is currently 50.31%.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on KEY. Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Truist Financial reduced their price objective on KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research note on Monday, March 23rd. The Goldman Sachs Group boosted their price objective on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, April 17th. Susquehanna upped their target price on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. Finally, Royal Bank Of Canada raised their target price on KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $42.78.

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.