KeyCorp $KEY Stock Position Lifted by Panagora Asset Management Inc.

Panagora Asset Management Inc. lifted its holdings in KeyCorp (NYSE:KEY) by 28,028.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,366,738 shares of the financial services provider’s stock after purchasing an additional 3,354,769 shares during the quarter. Panagora Asset Management Inc.’s holdings in KeyCorp were worth $69,489,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Maseco LLP bought a new position in shares of KeyCorp in the fourth quarter worth $27,000. GoalVest Advisory LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at $30,000. Smithfield Trust Co acquired a new stake in shares of KeyCorp in the fourth quarter valued at $31,000. Kelleher Financial Advisors acquired a new stake in shares of KeyCorp in the third quarter valued at $32,000. Finally, True Wealth Design LLC lifted its holdings in shares of KeyCorp by 1,263.5% in the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,592 shares during the period. Institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on KEY. Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Robert W. Baird upped their price objective on KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, April 17th. Piper Sandler upped their price objective on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Evercore restated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Jefferies Financial Group upped their price objective on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.78.

KeyCorp Trading Down 0.1%

Shares of NYSE KEY opened at $22.67 on Monday. KeyCorp has a 12 month low of $15.59 and a 12 month high of $23.34. The company has a market cap of $24.58 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 0.72 and a beta of 1.03. 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 business has a fifty day simple moving average of $21.54 and a 200-day simple moving average of $20.98.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS 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 during the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the prior year, the business posted $0.38 earnings per share. KeyCorp’s revenue was up 10.2% compared to the same quarter last year. Sell-side analysts predict that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp’s dividend payout ratio is currently 50.31%.

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

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the company’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 completion of the sale, the insider directly owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

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.