North Dakota State Investment Board Purchases Shares of 32,441 KeyCorp $KEY

North Dakota State Investment Board purchased a new stake in shares of KeyCorp (NYSE:KEY) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 32,441 shares of the financial services provider’s stock, valued at approximately $670,000.

Other hedge funds have also added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in KeyCorp by 2.7% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider’s stock valued at $37,641,000 after purchasing an additional 53,682 shares during the last quarter. Synovus Financial Corp purchased a new position in shares of KeyCorp in the 3rd quarter worth approximately $2,253,000. National Pension Service boosted its stake in shares of KeyCorp by 30.6% in the 3rd quarter. National Pension Service now owns 198,659 shares of the financial services provider’s stock worth $3,713,000 after buying an additional 46,509 shares during the last quarter. Xponance Inc. boosted its stake in shares of KeyCorp by 31.0% in the 3rd quarter. Xponance Inc. now owns 471,949 shares of the financial services provider’s stock worth $8,821,000 after buying an additional 111,753 shares during the last quarter. Finally, Caisse Des Depots ET Consignations purchased a new position in shares of KeyCorp in the 3rd quarter worth approximately $1,294,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on KEY shares. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Argus boosted their target price on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Morgan Stanley cut their target price on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Piper Sandler boosted their target price on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Finally, Susquehanna boosted their target price on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.78.

KeyCorp Trading Up 0.4%

Shares of KEY stock opened at $21.49 on Friday. The company’s fifty day simple moving average is $20.85 and its two-hundred day simple moving average is $20.52. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a 1 year low of $15.28 and a 1 year high of $23.34. The stock has a market capitalization of $23.29 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 0.68 and a beta of 1.06.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating 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 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 posted $0.38 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, analysts anticipate that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently announced 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 payout ratio is presently 50.31%.

KeyCorp declared that its board has approved a share repurchase plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction 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 $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.56% of the stock is owned by insiders.

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.