Ritholtz Wealth Management Takes $784,000 Position in KeyCorp $KEY

Ritholtz Wealth Management bought a new stake in KeyCorp (NYSE:KEY) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 39,124 shares of the financial services provider’s stock, valued at approximately $784,000.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in shares of KeyCorp during the 4th quarter valued at about $476,000. Woodline Partners LP boosted its position in shares of 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 last quarter. EverSource Wealth Advisors LLC boosted its position in shares of KeyCorp by 58.0% in 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 grew its holdings in KeyCorp by 6.5% in the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 926 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in KeyCorp in the second quarter valued at approximately $186,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the company’s 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. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

KeyCorp Trading Down 0.5%

NYSE KEY opened at $23.16 on Tuesday. KeyCorp has a one year low of $16.47 and a one year high of $23.72. The company’s 50 day moving average price is $21.91 and its 200 day moving average price is $21.29. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $24.99 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.73 and a beta of 1.03.

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

KeyCorp announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors 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 issued 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 3.5%. KeyCorp’s payout ratio is presently 50.31%.

Analysts Set New Price Targets

KEY has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on shares of KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, April 17th. Truist Financial boosted their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, June 24th. Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Jefferies Financial Group upped their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Finally, Stephens assumed coverage on KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price on the stock. Thirteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $46.55.

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.