Westfield Capital Management Co. LP Decreases Position in KeyCorp $KEY

Westfield Capital Management Co. LP cut its holdings in KeyCorp (NYSE:KEY) by 9.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,040,297 shares of the financial services provider’s stock after selling 439,917 shares during the period. Westfield Capital Management Co. LP’s holdings in KeyCorp were worth $83,392,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vise Technologies Inc. boosted its holdings in KeyCorp by 9.6% in the 4th quarter. Vise Technologies Inc. now owns 20,158 shares of the financial services provider’s stock valued at $416,000 after purchasing an additional 1,764 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of KeyCorp by 3.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 150,753 shares of the financial services provider’s stock worth $3,112,000 after acquiring an additional 4,900 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of KeyCorp by 0.9% during the 4th quarter. TD Asset Management Inc now owns 347,637 shares of the financial services provider’s stock worth $7,175,000 after acquiring an additional 3,167 shares during the last quarter. Cibc World Market Inc. purchased a new position in KeyCorp in the 4th quarter worth $2,640,000. Finally, CIBC Asset Management Inc raised its position in KeyCorp by 65.2% in the 4th quarter. CIBC Asset Management Inc now owns 223,201 shares of the financial services provider’s stock worth $4,607,000 after purchasing an additional 88,070 shares during the period. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Up 3.8%

KEY opened at $21.66 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1-year low of $15.59 and a 1-year high of $23.34. The company has a market capitalization of $23.49 billion, a PE ratio of 13.29, a PEG ratio of 0.66 and a beta of 1.03. The firm’s 50 day simple moving average is $21.26 and its two-hundred day simple moving average is $20.78.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.93 billion. During the same period last year, the firm earned $0.38 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts forecast that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

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

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on KEY shares. Susquehanna boosted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. Truist Financial reduced their price target on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research report on Monday, March 23rd. The Goldman Sachs Group upped their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Piper Sandler upped their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Finally, DA Davidson upped their target price on shares of KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.78.

Insider Activity

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

KeyCorp Company 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.