Bank of New York Mellon Corp Raises Stake in KeyCorp $KEY

Bank of New York Mellon Corp grew its stake in KeyCorp (NYSE:KEY) by 14.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,602,637 shares of the financial services provider’s stock after acquiring an additional 721,421 shares during the quarter. Bank of New York Mellon Corp’s holdings in KeyCorp were worth $115,638,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC purchased a new stake in shares of KeyCorp in the 4th quarter valued at approximately $476,000. Woodline Partners LP grew its position in KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after acquiring an additional 24,627 shares during the period. EverSource Wealth Advisors LLC increased its stake in KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 1,890 shares during the last quarter. Cresset Asset Management LLC increased its stake in KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after acquiring an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in KeyCorp in the second quarter valued at $186,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on KEY shares. Morgan Stanley decreased their price target on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. DA Davidson upped their target price on shares of KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, May 4th. The Goldman Sachs Group increased their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, Piper Sandler lifted their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.78.

KeyCorp Trading Up 0.2%

KEY opened at $21.81 on Monday. KeyCorp has a 52 week low of $15.59 and a 52 week high of $23.34. 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 $21.30 and a 200-day simple moving average of $20.81. The firm has a market cap of $23.64 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.69 and a beta of 1.03.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data 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 return on equity of 10.80% and a net margin of 17.03%.The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp’s dividend payout ratio is currently 50.31%.

KeyCorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.56% of the company’s stock.

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.