KeyCorp $KEY Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp lifted its holdings in KeyCorp (NYSE:KEY) by 173.7% in the first quarter, HoldingsChannel reports. The firm owned 229,967 shares of the financial services provider’s stock after buying an additional 145,950 shares during the quarter. Fifth Third Bancorp’s holdings in KeyCorp were worth $4,611,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Maseco LLP acquired a new stake in KeyCorp during the 4th quarter worth approximately $27,000. DV Equities LLC acquired a new position in shares of KeyCorp during the fourth quarter worth about $27,000. GoalVest Advisory LLC acquired a new position in KeyCorp during the 4th quarter worth approximately $30,000. Smithfield Trust Co purchased a new position in KeyCorp in the fourth quarter valued at $31,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of KeyCorp during the 3rd quarter worth about $32,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp 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 transaction, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

KeyCorp Stock Down 1.8%

KEY opened at $23.57 on Friday. The business has a 50 day moving average price of $22.29 and a two-hundred day moving average price of $21.52. 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 company has a market cap of $25.44 billion, a PE ratio of 14.46, a P/E/G ratio of 0.75 and a beta of 1.02. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07.

KeyCorp (NYSE:KEY) last announced its 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. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $0.38 EPS. As a group, research analysts anticipate that KeyCorp will post 1.82 EPS for the current year.

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

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on KEY. UBS Group boosted their price target on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group boosted their price objective on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Susquehanna increased their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Morgan Stanley lifted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, DA Davidson upped their price target on shares of KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.34.

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.