Consilium Wealth Advisory LLC Acquires New Stake in KeyCorp $KEY

Consilium Wealth Advisory LLC acquired a new stake in shares of KeyCorp (NYSE:KEY) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 25,327 shares of the financial services provider’s stock, valued at approximately $508,000.

Several other hedge funds have also added to or reduced their stakes in KEY. MCF Advisors LLC increased its holdings in shares of KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 456 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its stake in KeyCorp by 1.7% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 486 shares in the last quarter. Harbour Investments Inc. boosted its stake in KeyCorp by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 508 shares in the last quarter. Centennial Wealth Advisory LLC grew its position in KeyCorp by 1.2% during the 4th 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 KeyCorp by 4.6% during the 4th 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.

Analyst Ratings Changes

KEY has been the subject of several recent analyst reports. Stephens began coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price for the company. The Goldman Sachs Group increased their price target on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, April 17th. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Finally, Jefferies Financial Group boosted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.39.

KeyCorp Price Performance

NYSE KEY opened at $23.06 on Wednesday. KeyCorp has a one year low of $16.47 and a one year high of $23.34. The stock has a 50-day moving average of $21.78 and a 200 day moving average of $21.19. The company has a market capitalization of $25.00 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.71 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s payout ratio is presently 50.31%.

KeyCorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Angela G. Mago sold 22,826 shares of the 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 transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This 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 the SEC website. 0.56% of the stock is currently owned by company 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.