Korea Investment CORP Grows Position in KeyCorp $KEY

Korea Investment CORP lifted its position in shares of KeyCorp (NYSE:KEY) by 117.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 972,673 shares of the financial services provider’s stock after purchasing an additional 525,421 shares during the quarter. Korea Investment CORP owned about 0.09% of KeyCorp worth $18,179,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in KeyCorp by 1.5% during the second quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock valued at $428,084,000 after buying an additional 359,573 shares during the period. Invesco Ltd. grew its position in shares of KeyCorp by 2.4% in the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock worth $367,783,000 after buying an additional 488,730 shares during the period. Norges Bank bought a new position in shares of KeyCorp in the 2nd quarter worth about $195,642,000. Charles Schwab Investment Management Inc. increased its stake in shares of KeyCorp by 0.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,432,386 shares of the financial services provider’s stock worth $164,312,000 after acquiring an additional 79,670 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in KeyCorp by 12.6% during the 2nd quarter. Bank of America Corp DE now owns 7,843,378 shares of the financial services provider’s stock valued at $136,632,000 after acquiring an additional 879,678 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 62,850 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the transaction, the insider owned 261,415 shares in the company, valued at $5,633,493.25. The trade was a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Trina M. Evans sold 32,695 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the transaction, the director directly owned 58,719 shares in the company, valued at approximately $1,276,551.06. The trade was a 35.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 161,506 shares of company stock worth $3,597,481. Insiders own 0.52% of the company’s stock.

KeyCorp Stock Up 0.4%

NYSE:KEY opened at $19.77 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $21.54 billion, a P/E ratio of 13.00, a P/E/G ratio of 0.59 and a beta of 1.08. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $23.34. The firm has a 50-day simple moving average of $21.40 and a two-hundred day simple moving average of $19.67.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the prior year, the firm posted $0.30 earnings per share. The business’s revenue was up 131.8% on a year-over-year basis. Analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.82 annualized dividend and a yield of 4.1%. KeyCorp’s dividend payout ratio is 53.95%.

Wall Street Analyst Weigh In

KEY has been the topic of several research reports. Barclays boosted their price objective on shares of KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, January 5th. Truist Financial lifted their target price on shares of KeyCorp from $22.00 to $23.00 and gave the company a “hold” rating in a report on Monday, January 26th. Stephens boosted their price target on KeyCorp from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Argus upped their price target on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Finally, Wells Fargo & Company set a $18.00 price objective on KeyCorp and gave the company an “underperform” rating in a research report on Tuesday, January 6th. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.03.

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.