Wealthstar Advisors LLC Acquires Shares of 66,897 KeyCorp $KEY

Wealthstar Advisors LLC acquired a new stake in KeyCorp (NYSE:KEY) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 66,897 shares of the financial services provider’s stock, valued at approximately $1,341,000.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock valued at $2,576,110,000 after buying an additional 1,192,323 shares during the last quarter. Wellington Management Group LLP raised its holdings in KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after acquiring an additional 17,245,128 shares during the period. Geode Capital Management LLC lifted its position in KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after acquiring an additional 115,968 shares during the last quarter. Capital World Investors lifted its position in KeyCorp by 1.1% during the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after acquiring an additional 238,514 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of KeyCorp by 4.7% during the fourth quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock worth $424,507,000 after acquiring an additional 916,732 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

NYSE KEY opened at $22.99 on Friday. The firm has a 50-day moving average price of $21.99 and a two-hundred day moving average price of $21.36. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.72. The company has a market capitalization of $24.82 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS 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 company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period last year, the firm earned $0.38 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Analysts anticipate that KeyCorp will post 1.82 earnings per share for the current year.

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

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. KeyCorp’s dividend payout ratio is currently 50.31%.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the transaction, the insider 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Susquehanna lifted their price target on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. TD Cowen restated a “buy” rating and issued a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Royal Bank Of Canada increased their price objective on KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.55.

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.