Cane Capital Partners LLC Purchases New Position in KeyCorp $KEY

Cane Capital Partners LLC bought a new stake in KeyCorp (NYSE:KEY) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 62,105 shares of the financial services provider’s stock, valued at approximately $1,282,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Register Financial Advisors LLC raised its holdings in shares of KeyCorp by 69.5% in the fourth quarter. Register Financial Advisors LLC now owns 51,285 shares of the financial services provider’s stock valued at $1,059,000 after buying an additional 21,026 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of KeyCorp in the fourth quarter valued at about $81,000. Sound Income Strategies LLC raised its holdings in shares of KeyCorp by 73.6% in the fourth quarter. Sound Income Strategies LLC now owns 3,646 shares of the financial services provider’s stock valued at $77,000 after buying an additional 1,546 shares during the last quarter. Signaturefd LLC raised its holdings in shares of KeyCorp by 21.2% in the fourth quarter. Signaturefd LLC now owns 5,147 shares of the financial services provider’s stock valued at $106,000 after buying an additional 901 shares during the last quarter. Finally, Ascent Group LLC raised its holdings in shares of KeyCorp by 231.0% in the fourth quarter. Ascent Group LLC now owns 45,006 shares of the financial services provider’s stock valued at $929,000 after buying an additional 31,408 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Trina M. Evans sold 32,695 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the sale, the director owned 58,719 shares in the company, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the sale, the insider owned 166,583 shares in the company, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 161,506 shares of company stock worth $3,597,481. 0.52% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on KEY shares. DA Davidson set a $25.00 target price on shares of KeyCorp in a report on Wednesday, January 21st. Morgan Stanley lowered their target price on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Royal Bank Of Canada upped their target price on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Keefe, Bruyette & Woods increased their price target on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Finally, Truist Financial lowered their price target on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research report on Monday, March 23rd. 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.61.

KeyCorp Stock Down 0.3%

KEY stock opened at $20.61 on Wednesday. The company’s 50 day simple moving average is $20.81 and its 200-day simple moving average is $19.76. The firm has a market capitalization of $22.11 billion, a PE ratio of 13.56, a P/E/G ratio of 0.66 and a beta of 1.07. KeyCorp has a 12 month low of $12.80 and a 12 month high of $23.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company’s quarterly revenue was up 131.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 earnings per share. Equities analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 4.0%. KeyCorp’s dividend payout ratio (DPR) is 53.95%.

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.