KeyCorp $KEY Stock Position Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 2.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,493,277 shares of the financial services provider’s stock after selling 109,360 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of KeyCorp worth $110,140,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of KEY. M&T Bank Corp lifted its holdings in KeyCorp by 5,317.0% during the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock worth $27,875,000 after acquiring an additional 1,325,588 shares in the last quarter. Gradient Investments LLC raised its position in shares of KeyCorp by 797.9% during the fourth quarter. Gradient Investments LLC now owns 897,563 shares of the financial services provider’s stock worth $18,526,000 after purchasing an additional 797,599 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of KeyCorp by 68.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 204,993 shares of the financial services provider’s stock worth $4,428,000 after purchasing an additional 83,367 shares during the period. Jefferies Financial Group Inc. lifted its holdings in shares of KeyCorp by 62.1% during the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider’s stock valued at $4,552,000 after purchasing an additional 84,497 shares in the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in KeyCorp in the fourth quarter valued at approximately $3,826,000. 79.69% of the stock is currently owned by institutional investors.

Insider Activity at KeyCorp

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 value of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on KEY. JPMorgan Chase & Co. lifted their target price on KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research report on Monday, July 6th. Piper Sandler upped 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. Morgan Stanley raised their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Wells Fargo & Company boosted their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Stephens initiated coverage on shares of KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price for the company. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and an average price target of $47.34.

KeyCorp Stock Performance

NYSE KEY opened at $23.34 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $25.19 billion, a P/E ratio of 14.32, a P/E/G ratio of 0.74 and a beta of 1.02. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The firm has a 50-day moving average price of $22.33 and a two-hundred day moving average price of $21.55.

KeyCorp announced that its board has authorized a share repurchase plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. KeyCorp’s payout ratio is 50.31%.

KeyCorp Company 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.