KeyCorp $KEY Shares Bought by KLCM Advisors Inc.

KLCM Advisors Inc. raised its stake in KeyCorp (NYSE:KEY) by 23.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 175,445 shares of the financial services provider’s stock after acquiring an additional 32,947 shares during the quarter. KLCM Advisors Inc.’s holdings in KeyCorp were worth $3,518,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Maseco LLP purchased a new stake in KeyCorp during the 4th quarter worth about $27,000. DV Equities LLC purchased a new position in KeyCorp in the 4th quarter valued at about $27,000. GoalVest Advisory LLC purchased a new position in KeyCorp in the 4th quarter valued at about $30,000. Smithfield Trust Co acquired a new stake in shares of KeyCorp during the 4th quarter worth about $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 currently owned by hedge funds and other institutional investors.

KeyCorp Trading Up 0.9%

NYSE:KEY traded up $0.22 on Friday, hitting $23.32. 11,117,303 shares of the stock were exchanged, compared to its average volume of 10,283,393. The stock has a market cap of $25.17 billion, a PE ratio of 14.30, a PEG ratio of 0.73 and a beta of 1.02. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a fifty day moving average of $22.13 and a 200-day moving average of $21.44. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $23.72.

KeyCorp (NYSE:KEY) last released its quarterly earnings data 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. 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 analyst estimates of $1.93 billion. During the same period in the previous year, the company posted $0.38 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts expect that KeyCorp will post 1.82 earnings per share for the current fiscal year.

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

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the company’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 completion of the sale, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on KEY. Piper Sandler boosted their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Robert W. Baird raised their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, April 17th. Jefferies Financial Group upped their target price on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, April 17th. The Goldman Sachs Group raised their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Finally, Susquehanna upped their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research report on Monday, May 18th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.34.

About KeyCorp

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.