127,927 Shares in KeyCorp $KEY Purchased by Cibc World Market Inc.

Cibc World Market Inc. purchased a new position in KeyCorp (NYSE:KEY) during the fourth quarter, Holdings Channel reports. The fund purchased 127,927 shares of the financial services provider’s stock, valued at approximately $2,640,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Maseco LLP purchased a new position in shares of KeyCorp in the 4th quarter worth about $27,000. GoalVest Advisory LLC purchased a new position in shares of KeyCorp in the 4th quarter worth about $30,000. Smithfield Trust Co purchased a new position in shares of KeyCorp in the 4th quarter worth about $31,000. Kelleher Financial Advisors purchased a new position in shares of KeyCorp in the 3rd quarter worth about $32,000. Finally, True Wealth Design LLC lifted its holdings in KeyCorp by 1,263.5% during the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,592 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Truist Financial dropped their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a report on Monday, March 23rd. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Susquehanna upped their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. JPMorgan Chase & Co. dropped their price objective on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Finally, Piper Sandler upped their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $42.78.

KeyCorp Price Performance

NYSE KEY opened at $21.80 on Tuesday. The company has a market cap of $23.63 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 0.69 and a beta of 1.03. KeyCorp has a 52 week low of $15.59 and a 52 week high of $23.34. 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 firm’s 50-day simple moving average is $21.34 and its two-hundred day simple moving average is $20.84.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. Research analysts predict that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp announced that its Board of Directors has authorized a stock buyback plan 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 purchase up to 13% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

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

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.