Diamond Hill Capital Management Inc. Has $226.36 Million Stock Position in KeyCorp $KEY

Diamond Hill Capital Management Inc. cut its holdings in KeyCorp (NYSE:KEY) by 24.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,111,347 shares of the financial services provider’s stock after selling 3,842,495 shares during the period. Diamond Hill Capital Management Inc. owned about 1.10% of KeyCorp worth $226,361,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in KeyCorp by 1.5% during the second quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock worth $428,084,000 after acquiring an additional 359,573 shares during the last quarter. Invesco Ltd. boosted its stake in KeyCorp by 2.4% in the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock valued at $367,783,000 after purchasing an additional 488,730 shares during the period. Norges Bank acquired a new position in KeyCorp in the 2nd quarter valued at $195,642,000. Charles Schwab Investment Management Inc. increased its position in KeyCorp by 0.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,432,386 shares of the financial services provider’s stock worth $164,312,000 after buying an additional 79,670 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of KeyCorp by 12.6% during the second quarter. Bank of America Corp DE now owns 7,843,378 shares of the financial services provider’s stock worth $136,632,000 after buying an additional 879,678 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the transaction, the director directly owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. The trade was a 35.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares of the company’s stock, valued at approximately $5,633,493.25. The trade was a 19.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.52% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on KEY shares. Wells Fargo & Company set a $18.00 target price on shares of KeyCorp and gave the stock an “underperform” rating in a research report on Tuesday, January 6th. Evercore ISI lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday. Piper Sandler upped their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 9th. Evercore upped their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Robert W. Baird lowered shares of KeyCorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. Twelve analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $22.90.

KeyCorp Price Performance

Shares of KEY opened at $23.24 on Friday. The business has a 50-day simple moving average of $20.95 and a two-hundred day simple moving average of $19.17. KeyCorp has a 12-month low of $12.73 and a 12-month high of $23.29. The stock has a market cap of $25.40 billion, a PE ratio of 15.29, a PEG ratio of 0.56 and a beta of 1.10. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same quarter last year, the business earned $0.30 EPS. The firm’s quarterly revenue was up 131.8% on a year-over-year basis. Analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s dividend payout ratio is presently 53.95%.

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.