iA Global Asset Management Inc. Buys New Shares in KeyCorp $KEY

iA Global Asset Management Inc. bought a new stake in KeyCorp (NYSE:KEY) in the fourth quarter, HoldingsChannel.com reports. The firm bought 124,847 shares of the financial services provider’s stock, valued at approximately $2,577,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. United Community Bank purchased a new position in KeyCorp in the third quarter valued at $27,000. Maseco LLP purchased a new position in KeyCorp in the fourth quarter valued at $27,000. GoalVest Advisory LLC purchased a new position in KeyCorp in the fourth quarter valued at $30,000. Kelleher Financial Advisors purchased a new position in KeyCorp in the third quarter valued at $32,000. Finally, True Wealth Design LLC boosted its holdings in KeyCorp by 1,263.5% in 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 period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Up 0.2%

Shares of NYSE KEY opened at $21.08 on Tuesday. The company has a market capitalization of $22.86 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.67 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50-day moving average of $20.76 and a two-hundred day moving average of $20.44. KeyCorp has a 1 year low of $15.28 and a 1 year high of $23.34.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The business’s revenue was up 10.2% compared to the same quarter last year. On average, analysts forecast that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp announced that its board has approved a share buyback program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 3.9%. KeyCorp’s payout ratio is 50.31%.

Insider Activity at KeyCorp

In other 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 transaction of $494,411.16. Following the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on KEY. Argus lifted their price target on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Piper Sandler lifted their price target on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Susquehanna lifted their price target on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday. Jefferies Financial Group lifted their price target on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Finally, Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.