Diversified Trust Co Invests $1.59 Million in KeyCorp $KEY

Diversified Trust Co acquired a new stake in KeyCorp (NYSE:KEY) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 79,511 shares of the financial services provider’s stock, valued at approximately $1,594,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. M&T Bank Corp lifted its holdings in KeyCorp by 5,317.0% in the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after acquiring an additional 1,325,588 shares during the last quarter. Xponance Inc. increased its stake in KeyCorp by 31.0% during the third quarter. Xponance Inc. now owns 471,949 shares of the financial services provider’s stock worth $8,821,000 after acquiring an additional 111,753 shares during the last quarter. Gradient Investments LLC increased its stake in KeyCorp by 797.9% during the fourth quarter. Gradient Investments LLC now owns 897,563 shares of the financial services provider’s stock worth $18,526,000 after acquiring an additional 797,599 shares during the last quarter. Bank of New York Mellon Corp raised its position in KeyCorp by 14.8% in the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock valued at $115,638,000 after purchasing an additional 721,421 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in KeyCorp by 68.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 204,993 shares of the financial services provider’s stock valued at $4,428,000 after purchasing an additional 83,367 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Up 1.1%

NYSE:KEY opened at $22.84 on Tuesday. 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 stock’s fifty day moving average is $21.75 and its two-hundred day moving average is $21.16. KeyCorp has a 52 week low of $16.01 and a 52 week high of $23.34. The stock has a market capitalization of $24.76 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 0.71 and a beta of 1.03.

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 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 business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same period last year, the business posted $0.38 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Research analysts anticipate that KeyCorp will post 1.82 EPS for the current year.

KeyCorp declared that its board has approved a stock buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid 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 presently 50.31%.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on KEY shares. 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 report on Friday, April 17th. Jefferies Financial Group boosted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, April 17th. Susquehanna upped their target price on shares of 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 target price on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. Finally, Robert W. Baird increased their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, April 17th. Twelve equities 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 company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $44.13.

KeyCorp 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.