International Assets Investment Management LLC Trims Holdings in KeyCorp $KEY

International Assets Investment Management LLC trimmed its stake in shares of KeyCorp (NYSE:KEY) by 93.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,961 shares of the financial services provider’s stock after selling 28,800 shares during the quarter. International Assets Investment Management LLC’s holdings in KeyCorp were worth $40,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after purchasing an additional 1,192,323 shares during the period. Wellington Management Group LLP increased its position in shares of KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after buying an additional 17,245,128 shares during the period. Geode Capital Management LLC lifted its holdings in shares of KeyCorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after buying an additional 115,968 shares in the last quarter. Capital World Investors lifted its holdings in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after buying an additional 238,514 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of KeyCorp by 4.7% in the fourth quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock valued at $424,507,000 after acquiring an additional 916,732 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 1.8%

KEY stock opened at $23.57 on Friday. The company’s 50 day moving average is $22.29 and its 200 day moving average is $21.52. The stock has a market cap of $25.44 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 0.74 and a beta of 1.02. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07.

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

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

Insider Activity

In other news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction on Friday, May 8th. The shares were 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 approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on KEY shares. UBS Group boosted their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Piper Sandler raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Morgan Stanley boosted their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Stephens initiated coverage on KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective on the stock. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.34.

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.