Fjarde AP Fonden Fourth Swedish National Pension Fund Has $6.44 Million Holdings in KeyCorp $KEY

Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of KeyCorp (NYSE:KEY) by 209.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 321,413 shares of the financial services provider’s stock after acquiring an additional 217,400 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in KeyCorp were worth $6,444,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Maseco LLP acquired a new stake in shares of KeyCorp in the fourth quarter valued at about $27,000. DV Equities LLC bought a new stake in KeyCorp in the 4th quarter valued at $27,000. GoalVest Advisory LLC acquired a new position in KeyCorp in the fourth quarter worth about $30,000. Smithfield Trust Co acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $31,000. Finally, Kelleher Financial Advisors bought a new position in shares of KeyCorp during the third quarter valued at $32,000. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Down 0.1%

KEY stock opened at $22.99 on Monday. KeyCorp has a twelve month low of $16.47 and a twelve month high of $23.72. 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 50 day moving average price of $21.99 and a two-hundred day moving average price of $21.36. The company has a market cap of $24.82 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 1.02.

KeyCorp (NYSE:KEY) last issued its 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 business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 earnings per share. Analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its board has initiated a stock repurchase program 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 repurchase up to 13% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were issued 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%.

Insider Transactions at KeyCorp

In other KeyCorp 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 transaction of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on KEY. The Goldman Sachs Group increased their price target on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Evercore restated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Truist Financial boosted their target price on KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. Morgan Stanley increased their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Piper Sandler raised their price objective on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $46.55.

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.