Korea Investment CORP Increases Stock Position in KeyCorp $KEY

Korea Investment CORP lifted its stake in KeyCorp (NYSE:KEY) by 117.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 972,673 shares of the financial services provider’s stock after acquiring an additional 525,421 shares during the quarter. Korea Investment CORP’s holdings in KeyCorp were worth $18,179,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. 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 valued at $428,084,000 after purchasing an additional 359,573 shares during the period. Invesco Ltd. grew its position in KeyCorp by 2.4% in the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock worth $367,783,000 after purchasing an additional 488,730 shares during the period. Norges Bank bought a new stake in KeyCorp in the 2nd quarter worth approximately $195,642,000. Charles Schwab Investment Management Inc. raised its stake 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 valued at $164,312,000 after buying an additional 79,670 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in KeyCorp by 12.6% during the 2nd quarter. Bank of America Corp DE now owns 7,843,378 shares of the financial services provider’s stock valued at $136,632,000 after buying an additional 879,678 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at KeyCorp

In other KeyCorp news, insider Andrew J. Paine III sold 65,961 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the completion of the transaction, the insider directly owned 166,583 shares in the company, valued at $3,869,723.09. This represents a 28.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Trina M. Evans sold 32,695 shares of the stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the sale, the director directly owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 161,506 shares of company stock valued at $3,597,481. 0.52% of the stock is owned by company insiders.

KeyCorp Stock Up 0.4%

Shares of KEY stock opened at $19.77 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. KeyCorp has a one year low of $12.73 and a one year high of $23.34. The company’s fifty day moving average price is $21.40 and its 200-day moving average price is $19.67. The company has a market capitalization of $21.54 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 0.59 and a beta of 1.08.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.KeyCorp’s revenue for the quarter was up 131.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 EPS. Sell-side analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, March 3rd. This represents a $0.82 annualized dividend and a dividend yield of 4.1%. KeyCorp’s dividend payout ratio (DPR) is currently 53.95%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Robert W. Baird set a $19.00 price objective on KeyCorp and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Piper Sandler increased their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 9th. JPMorgan Chase & Co. raised their target price on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Argus boosted their price target on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods upped their price target on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average price target of $23.03.

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.