OP Asset Management Ltd Acquires Shares of 97,814 KeyCorp $KEY

OP Asset Management Ltd bought a new stake in KeyCorp (NYSE:KEY) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 97,814 shares of the financial services provider’s stock, valued at approximately $1,961,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in KEY. Maseco LLP bought a new position in KeyCorp in the fourth quarter valued at about $27,000. DV Equities LLC bought a new stake in KeyCorp during the 4th quarter worth about $27,000. GoalVest Advisory LLC acquired a new position in KeyCorp during the 4th quarter valued at about $30,000. Smithfield Trust Co acquired a new position in KeyCorp during the 4th quarter valued at about $31,000. Finally, Kelleher Financial Advisors bought a new position in shares of KeyCorp in the 3rd quarter valued at about $32,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Up 0.2%

KEY opened at $23.30 on Monday. The stock has a market capitalization of $25.14 billion, a P/E ratio of 14.29, a P/E/G ratio of 0.73 and a beta of 1.03. KeyCorp has a 12 month low of $16.47 and a 12 month high of $23.72. The firm’s fifty day simple moving average is $21.88 and its 200 day simple moving average is $21.27. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

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

KeyCorp announced that its board has initiated a share buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently disclosed 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. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on KEY. Robert W. Baird boosted their price target 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. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. dropped their target price on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Susquehanna increased their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Finally, Piper Sandler raised their price target on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.50.

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.