Copley Financial Group Inc. Invests $487,000 in KeyCorp $KEY

Copley Financial Group Inc. bought a new position in KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 23,571 shares of the financial services provider’s stock, valued at approximately $487,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of KeyCorp by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after buying an additional 1,192,323 shares during the period. Wellington Management Group LLP boosted its position in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the period. Geode Capital Management LLC boosted its position in shares of KeyCorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after buying an additional 115,968 shares during the period. Capital World Investors boosted its position in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after buying an additional 238,514 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of KeyCorp by 2.6% in the third quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider’s stock worth $295,295,000 after buying an additional 397,523 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the transaction, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.56% of the company’s stock.

KeyCorp Stock Up 1.4%

Shares of KEY opened at $22.74 on Wednesday. The company has a market capitalization of $24.66 billion, a P/E ratio of 13.95, a PEG ratio of 0.71 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a one year low of $15.66 and a one year high of $23.34. The business’s 50 day simple moving average is $21.62 and its 200-day simple moving average is $21.04.

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

KeyCorp declared that its board has initiated a stock repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 13% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently disclosed 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 is currently 50.31%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on KEY shares. Stephens started coverage on KeyCorp in a research report on Monday. They set an “overweight” rating and a $26.00 price objective for the company. The Goldman Sachs Group lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Jefferies Financial Group lifted their price objective on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, April 17th. Truist Financial reduced their price objective on KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research report on Monday, March 23rd. Finally, Evercore reissued an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Twelve 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $44.13.

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.