Eurizon Capital SGR S.p.A. Makes New Investment in KeyCorp $KEY

Eurizon Capital SGR S.p.A. bought a new position in shares of KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 7,302,445 shares of the financial services provider’s stock, valued at approximately $150,843,000.

Several other hedge funds also recently bought and sold shares of KEY. Brighton Jones LLC purchased a new position in KeyCorp during the fourth quarter worth about $476,000. Woodline Partners LP boosted its stake in shares of KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after purchasing an additional 24,627 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 1,890 shares during the period. Cresset Asset Management LLC boosted its stake in shares of KeyCorp by 6.5% in the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 926 shares during the period. Finally, Federated Hermes Inc. purchased a new position in shares of KeyCorp in the second quarter valued at approximately $186,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 0.1%

Shares of KeyCorp stock opened at $21.33 on Friday. KeyCorp has a 52-week low of $15.47 and a 52-week high of $23.34. The company has a 50 day moving average of $21.13 and a 200 day moving average of $20.67. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $23.13 billion, a P/E ratio of 13.09, a P/E/G ratio of 0.68 and a beta of 1.06.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, research analysts forecast that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its board has authorized a share repurchase program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding 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 typically an indication that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

Insiders Place Their Bets

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were 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 of the company’s stock, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on KEY shares. Truist Financial lowered their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research note on Monday, March 23rd. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. lowered their price objective on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. The Goldman Sachs Group raised their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Finally, Piper Sandler raised their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Thirteen equities research 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 stock has an average rating of “Moderate Buy” and a consensus 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.