SG Americas Securities LLC Buys 1,344,941 Shares of KeyCorp $KEY

SG Americas Securities LLC lifted its stake in shares of KeyCorp (NYSE:KEY) by 289.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,810,016 shares of the financial services provider’s stock after buying an additional 1,344,941 shares during the period. SG Americas Securities LLC owned about 0.17% of KeyCorp worth $36,291,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of KEY. Park National Corp OH increased its holdings in KeyCorp by 6.2% in the 1st quarter. Park National Corp OH now owns 16,556 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 964 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of KeyCorp by 54.1% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 89,496 shares of the financial services provider’s stock valued at $1,794,000 after purchasing an additional 31,411 shares in the last quarter. Diversified Trust Co bought a new stake in shares of KeyCorp during the first quarter worth about $1,594,000. Paladin Wealth LLC grew its holdings in shares of KeyCorp by 17.7% during the first quarter. Paladin Wealth LLC now owns 11,688 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 1,757 shares during the last quarter. Finally, Rockefeller Capital Management L.P. increased its stake in shares of KeyCorp by 1.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 229,568 shares of the financial services provider’s stock valued at $4,738,000 after buying an additional 4,266 shares during the period. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

KEY stock opened at $23.06 on Wednesday. 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 firm has a market cap of $25.00 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.71 and a beta of 1.03. The company’s fifty day simple moving average is $21.78 and its 200 day simple moving average is $21.19. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.34.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business posted $0.38 EPS. On average, analysts expect that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its board has initiated a share buyback plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

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

Insiders Place Their Bets

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred 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 completion of the sale, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the topic of several recent research reports. Robert W. Baird lifted their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, April 17th. Jefferies Financial Group raised their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, April 17th. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. The Goldman Sachs Group boosted their price objective 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, Truist Financial decreased their price objective on KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a report on Monday, March 23rd. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.39.

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.