Alps Advisors Inc. Has $25.06 Million Stake in KeyCorp $KEY

Alps Advisors Inc. trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 5.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,214,169 shares of the financial services provider’s stock after selling 73,003 shares during the quarter. Alps Advisors Inc.’s holdings in KeyCorp were worth $25,060,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. MCF Advisors LLC increased its position in KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after buying an additional 456 shares during the last quarter. Prime Capital Investment Advisors LLC increased its position in KeyCorp by 1.7% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after buying an additional 486 shares during the last quarter. Harbour Investments Inc. increased its position in KeyCorp by 19.0% during the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after buying an additional 508 shares during the last quarter. Centennial Wealth Advisory LLC grew its position in shares of KeyCorp by 1.2% in the fourth quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock valued at $929,000 after purchasing an additional 524 shares during the last quarter. Finally, CoreCap Advisors LLC grew its position in shares of KeyCorp by 4.6% in the fourth quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 539 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KEY. Susquehanna raised their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. Morgan Stanley lowered their price target on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Piper Sandler raised their price target on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. 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 research report on Friday, April 17th. Finally, Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Thirteen 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.78.

KeyCorp Stock Up 1.7%

NYSE KEY opened at $22.36 on Friday. 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 50-day simple moving average of $21.49 and a 200 day simple moving average of $20.94. KeyCorp has a twelve month low of $15.59 and a twelve month high of $23.34. The stock has a market cap of $24.25 billion, a PE ratio of 13.72, a PEG ratio of 0.70 and a beta of 1.03.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the company earned $0.38 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. On average, research analysts forecast that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

KeyCorp declared that its Board of Directors has approved a share repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated 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 transaction, the insider 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 document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is currently owned by corporate insiders.

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.