IFM Investors Pty Ltd Purchases 24,488 Shares of KeyCorp $KEY

IFM Investors Pty Ltd boosted its holdings in shares of KeyCorp (NYSE:KEY) by 13.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,357 shares of the financial services provider’s stock after buying an additional 24,488 shares during the period. IFM Investors Pty Ltd’s holdings in KeyCorp were worth $4,278,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of KEY. Maseco LLP bought a new stake in KeyCorp in the fourth quarter valued at about $27,000. DV Equities LLC acquired a new stake in KeyCorp during the fourth quarter valued at approximately $27,000. GoalVest Advisory LLC acquired a new stake in KeyCorp during the fourth quarter valued at approximately $30,000. Smithfield Trust Co bought a new stake in shares of KeyCorp in the 4th quarter valued at approximately $31,000. Finally, Kelleher Financial Advisors bought a new stake in shares of KeyCorp in the 3rd quarter valued at approximately $32,000. Institutional investors own 79.69% of the company’s stock.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s 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 completion of the sale, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the subject of several analyst reports. TD Cowen restated a “buy” rating and set a $68.00 target price on shares of KeyCorp in a research report on Tuesday, June 23rd. The Goldman Sachs Group upped their price target on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Truist Financial lifted their price objective on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, June 24th. Finally, Susquehanna boosted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.55.

KeyCorp Stock Performance

NYSE:KEY opened at $22.99 on Friday. KeyCorp has a 1 year low of $16.47 and a 1 year high of $23.72. The firm has a 50 day moving average of $21.99 and a 200-day moving average of $21.36. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $24.82 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 0.72 and a beta of 1.02.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the prior year, the company earned $0.38 EPS. KeyCorp’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its board has authorized a stock repurchase plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase plans are generally 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. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is presently 50.31%.

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.