Hsbc Holdings PLC Has $45.43 Million Position in KeyCorp $KEY

Hsbc Holdings PLC lessened its stake in KeyCorp (NYSE:KEY) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,199,233 shares of the financial services provider’s stock after selling 34,060 shares during the period. Hsbc Holdings PLC owned about 0.20% of KeyCorp worth $45,427,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in KEY. DV Equities LLC acquired a new stake in KeyCorp during the fourth quarter worth $27,000. Maseco LLP acquired a new position in shares of KeyCorp in the 4th quarter valued at $27,000. GoalVest Advisory LLC bought a new position in shares of KeyCorp during the 4th quarter worth about $30,000. Smithfield Trust Co bought a new position in shares of KeyCorp during the 4th quarter worth about $31,000. Finally, True Wealth Design LLC boosted its position in shares of KeyCorp by 1,263.5% during the 4th quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,592 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Trading Up 1.0%

Shares of KEY opened at $23.06 on Wednesday. The firm has a market capitalization of $25.00 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 0.71 and a beta of 1.03. KeyCorp has a 12-month low of $16.47 and a 12-month 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 stock’s fifty day simple moving average is $21.78 and its 200-day simple moving average is $21.19.

KeyCorp (NYSE:KEY) last issued 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. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. As a group, research analysts predict that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its board has authorized a stock repurchase plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. KeyCorp’s payout ratio is presently 50.31%.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Stephens initiated coverage on KeyCorp in a research note on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target on the stock. TD Cowen reissued a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a report on Tuesday. Morgan Stanley reduced their target price on shares of 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 downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Royal Bank Of Canada raised their price target on KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.39.

KeyCorp Company 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.