BI Asset Management Fondsmaeglerselskab A S Has $1.79 Million Stake in KeyCorp $KEY

BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of KeyCorp (NYSE:KEY) by 54.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 89,496 shares of the financial services provider’s stock after purchasing an additional 31,411 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in KeyCorp were worth $1,794,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Diversified Trust Co bought a new position in KeyCorp in the first quarter valued at approximately $1,594,000. Paladin Wealth LLC raised its position in shares of KeyCorp by 17.7% during the 1st quarter. Paladin Wealth LLC now owns 11,688 shares of the financial services provider’s stock valued at $234,000 after acquiring an additional 1,757 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of KeyCorp by 1.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 229,568 shares of the financial services provider’s stock valued at $4,738,000 after purchasing an additional 4,266 shares during the period. World Investment Advisors lifted its stake in shares of KeyCorp by 55.5% in the 4th quarter. World Investment Advisors now owns 22,381 shares of the financial services provider’s stock valued at $462,000 after purchasing an additional 7,987 shares during the period. Finally, Demming Financial Services Corp ADV bought a new position in shares of KeyCorp in the 4th quarter worth $971,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

Shares of KEY opened at $23.06 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a twelve month low of $16.47 and a twelve month high of $23.34. The stock has a market capitalization of $25.00 billion, a P/E ratio of 14.15, a P/E/G ratio of 0.71 and a beta of 1.03. The company has a 50 day moving average of $21.78 and a 200-day moving average of $21.19.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share 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 analyst estimates of $1.93 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts forecast that KeyCorp will post 1.82 EPS for the current fiscal year.

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 issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s payout ratio is presently 50.31%.

KeyCorp declared that its board has authorized 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 purchase up to 13% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Evercore restated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Robert W. Baird increased their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. Susquehanna lifted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. JPMorgan Chase & Co. decreased their price objective on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Finally, The Goldman Sachs Group upped their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Twelve equities 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.com, KeyCorp has a consensus rating of “Moderate Buy” and a consensus price target of $46.39.

Insiders Place Their Bets

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 shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the sale, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.56% of the company’s stock.

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.