Diamond Hill Capital Management Inc. Has $221.11 Million Stock Position in KeyCorp $KEY

Diamond Hill Capital Management Inc. trimmed its position in KeyCorp (NYSE:KEY) by 11.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,712,524 shares of the financial services provider’s stock after selling 1,398,823 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in KeyCorp were worth $221,106,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in KEY. Brighton Jones LLC acquired a new position in shares of KeyCorp in the fourth quarter worth about $476,000. Woodline Partners LP grew its position in KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after purchasing an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 1,890 shares in the last quarter. Cresset Asset Management LLC grew its position in KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new position in KeyCorp during the second quarter valued at approximately $186,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred 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 completion of the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on KEY. Morgan Stanley lowered their price objective on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Jefferies Financial Group boosted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, April 17th. Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. 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. Finally, Argus boosted their price objective on shares of KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average target price of $42.78.

KeyCorp Price Performance

NYSE KEY opened at $21.49 on Friday. 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 stock has a market capitalization of $23.29 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 0.68 and a beta of 1.06. The company has a 50 day moving average price of $20.85 and a two-hundred day moving average price of $20.52. KeyCorp has a 12-month low of $15.28 and a 12-month high of $23.34.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 earnings per share. As a group, equities analysts predict that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp declared that its board has approved a share 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 reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be paid a $0.205 dividend. The ex-dividend date is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp’s payout ratio is 50.31%.

KeyCorp 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.