KeyCorp $KEY Shares Purchased by Royal Bank of Canada

Royal Bank of Canada increased its holdings in shares of KeyCorp (NYSE:KEY) by 10.0% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 5,140,288 shares of the financial services provider’s stock after purchasing an additional 466,273 shares during the period. Royal Bank of Canada’s holdings in KeyCorp were worth $103,062,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Maseco LLP purchased a new position in KeyCorp in the 4th quarter valued at approximately $27,000. DV Equities LLC purchased a new stake in shares of KeyCorp during the fourth quarter worth $27,000. Smithfield Trust Co purchased a new stake in shares of KeyCorp during the fourth quarter worth $31,000. Kelleher Financial Advisors acquired a new stake in shares of KeyCorp in the third quarter valued at $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of KeyCorp in the fourth quarter valued at $38,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on KEY. Wells Fargo & Company lifted their target price on KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Jefferies Financial Group increased their price target on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, April 17th. Susquehanna lifted their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Royal Bank Of Canada lifted their price objective on KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Finally, Truist Financial boosted their price objective on KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.14.

Insider Transactions at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.56% of the stock is owned by company insiders.

KeyCorp Price Performance

Shares of KEY opened at $22.61 on Friday. The firm has a market capitalization of $24.40 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 0.74 and a beta of 1.02. The firm’s fifty day simple moving average is $22.60 and its 200-day simple moving average is $21.64. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The company’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Equities analysts forecast that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s payout ratio is 47.67%.

KeyCorp announced that its board has authorized a stock repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.