KeyCorp (NYSE:KEY) Shares Purchased by Farther Finance Advisors LLC

Farther Finance Advisors LLC boosted its holdings in KeyCorp (NYSE:KEY) by 90.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,745 shares of the financial services provider’s stock after buying an additional 11,260 shares during the quarter. Farther Finance Advisors LLC’s holdings in KeyCorp were worth $375,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Rheos Capital Works Inc. increased its position in KeyCorp by 60.0% during the first quarter. Rheos Capital Works Inc. now owns 960,000 shares of the financial services provider’s stock worth $15,350,000 after buying an additional 360,000 shares during the period. Courier Capital LLC acquired a new position in shares of KeyCorp in the 1st quarter valued at $162,000. AHL Investment Management Inc. purchased a new stake in KeyCorp in the 1st quarter valued at $728,000. Harrington Investments INC raised its position in KeyCorp by 4.6% in the 1st quarter. Harrington Investments INC now owns 47,991 shares of the financial services provider’s stock valued at $767,000 after purchasing an additional 2,097 shares during the last quarter. Finally, Fortress Financial Group LLC boosted its stake in KeyCorp by 6.6% during the 1st quarter. Fortress Financial Group LLC now owns 13,498 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 835 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Amy G. Brady sold 19,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the sale, the insider now directly owns 82,523 shares of the company’s stock, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mohit Ramani bought 10,000 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was bought at an average price of $13.75 per share, with a total value of $137,500.00. Following the completion of the acquisition, the insider now owns 10,000 shares of the company’s stock, valued at $137,500. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

KEY has been the subject of a number of analyst reports. Morgan Stanley restated an “equal weight” rating on shares of KeyCorp in a research report on Thursday, April 17th. TD Cowen assumed coverage on shares of KeyCorp in a report on Thursday, May 15th. They set a “hold” rating and a $18.00 price target for the company. Wall Street Zen upgraded shares of KeyCorp from a “sell” rating to a “hold” rating in a research report on Monday, April 21st. Baird R W upgraded KeyCorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. Eleven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.92.

KeyCorp Stock Performance

NYSE KEY opened at $15.92 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The business has a fifty day moving average of $15.39 and a 200-day moving average of $16.44. The stock has a market cap of $17.45 billion, a price-to-earnings ratio of -53.08, a price-to-earnings-growth ratio of 0.65 and a beta of 1.09.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $0.20 EPS. As a group, analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp declared that its Board of Directors has authorized a share buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are generally an indication 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 Friday, June 13th. Investors of record on Tuesday, May 27th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 5.15%. The ex-dividend date was Tuesday, May 27th. KeyCorp’s payout ratio is -482.35%.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.