Premier Fund Managers Ltd Takes Position in KeyCorp (NYSE:KEY)


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Premier Fund Managers Ltd acquired a new stake in KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 377,500 shares of the financial services provider’s stock, valued at approximately $6,136,000.

Several other large investors also recently added to or reduced their stakes in KEY. Prospera Financial Services Inc bought a new stake in shares of KeyCorp in the 3rd quarter valued at $26,000. Freestone Capital Holdings LLC bought a new stake in shares of KeyCorp in the 3rd quarter valued at $27,000. Harbor Investment Advisory LLC increased its stake in shares of KeyCorp by 126.8% in the 3rd quarter. Harbor Investment Advisory LLC now owns 3,638 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 2,034 shares in the last quarter. Clear Harbor Asset Management LLC bought a new stake in shares of KeyCorp in the 3rd quarter valued at $48,000. Finally, Sterling Investment Advisors Ltd. increased its stake in shares of KeyCorp by 33.3% in the 3rd quarter. Sterling Investment Advisors Ltd. now owns 4,000 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors own 80.96% of the company’s stock.

In related news, insider Angela G. Mago sold 5,957 shares of the business’s stock in a transaction dated Tuesday, February 2nd. The stock was sold at an average price of $17.70, for a total value of $105,438.90. Following the sale, the insider now directly owns 166,354 shares in the company, valued at approximately $2,944,465.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.70% of the company’s stock.

A number of brokerages have commented on KEY. Scotiabank restated a “hold” rating and set a $24.00 price target on shares of KeyCorp in a research note on Thursday, November 5th. Royal Bank of Canada boosted their price target on shares of KeyCorp from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, January 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of KeyCorp from $14.00 to $18.00 and gave the company a “hold” rating in a research note on Wednesday, January 6th. BMO Capital Markets decreased their price target on shares of KeyCorp from $25.00 to $24.00 and set a “market perform” rating for the company in a research note on Wednesday, November 4th. Finally, Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective on the stock in a report on Wednesday, January 27th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. KeyCorp has an average rating of “Hold” and an average target price of $20.58.

Shares of NYSE:KEY traded up $0.12 during midday trading on Tuesday, reaching $20.61. The company had a trading volume of 102,087 shares, compared to its average volume of 7,543,791. KeyCorp has a 52-week low of $7.45 and a 52-week high of $20.64. The company’s 50 day moving average price is $18.39 and its 200 day moving average price is $14.94. The stock has a market cap of $20.13 billion, a P/E ratio of 17.82 and a beta of 1.58. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Wednesday, January 20th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.14. KeyCorp had a return on equity of 7.87% and a net margin of 16.38%. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the business posted $0.48 EPS. Research analysts forecast that KeyCorp will post 1.14 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has authorized a stock buyback plan on Thursday, January 21st that authorizes the company to buyback $900.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Investors of record on Tuesday, March 2nd will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend is Monday, March 1st. KeyCorp’s dividend payout ratio is currently 41.11%.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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