Royal Fund Management LLC Takes Position in KeyCorp $KEY

Royal Fund Management LLC purchased a new position in KeyCorp (NYSE:KEY) during the 1st quarter, HoldingsChannel reports. The fund purchased 46,300 shares of the financial services provider’s stock, valued at approximately $928,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank of Nova Scotia raised its holdings in KeyCorp by 0.6% in the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock valued at $3,268,076,000 after acquiring an additional 900,951 shares during the last quarter. Vanguard Group Inc. lifted its stake in KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after purchasing an additional 1,192,323 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of KeyCorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after purchasing an additional 115,968 shares during the last quarter. Finally, Capital World Investors grew its position in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock valued at $434,007,000 after purchasing an additional 238,514 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Jefferies Financial Group increased their price target on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, April 17th. Keefe, Bruyette & Woods upped their target price on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. DA Davidson reaffirmed a “buy” rating and issued a $28.00 target price on shares of KeyCorp in a research note on Wednesday, July 22nd. Morgan Stanley lifted their price target on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, TD Cowen reissued a “buy” rating and set a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Stock Up 2.0%

KEY stock opened at $22.61 on Friday. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The firm has a market cap of $24.41 billion, a PE ratio of 13.15, a PEG ratio of 0.73 and a beta of 1.02. The firm’s 50 day moving average price is $22.57 and its 200-day moving average price is $21.63. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 earnings per share. On average, equities research analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

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

KeyCorp Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio is currently 47.67%.

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.