GAMMA Investing LLC Boosts Holdings in KeyCorp (NYSE:KEY)

GAMMA Investing LLC boosted its position in shares of KeyCorp (NYSE:KEY) by 9.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 33,339 shares of the financial services provider’s stock after purchasing an additional 2,926 shares during the period. GAMMA Investing LLC’s holdings in KeyCorp were worth $533,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after buying an additional 7,754,576 shares in the last quarter. FMR LLC raised its holdings in KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after acquiring an additional 2,938,405 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in KeyCorp by 4.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider’s stock valued at $622,229,000 after acquiring an additional 1,645,296 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in KeyCorp by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock valued at $566,626,000 after acquiring an additional 1,452,179 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in KeyCorp by 4.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider’s stock valued at $465,929,000 after purchasing an additional 1,062,615 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Stock Performance

NYSE:KEY opened at $17.45 on Tuesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a 50-day simple moving average of $15.89 and a two-hundred day simple moving average of $16.30. The firm has a market capitalization of $19.12 billion, a PE ratio of -102.65, a P/E/G ratio of 0.64 and a beta of 1.10. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. During the same period in the prior year, the business posted $0.20 earnings per share. Analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its board has authorized a stock buyback program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.70%. The ex-dividend date of this dividend was Tuesday, May 27th. KeyCorp’s dividend payout ratio is currently -482.35%.

Insiders Place Their Bets

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the firm’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the sale, the insider directly owned 82,523 shares of the company’s stock, valued at $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 through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the transaction, the director owned 37,177 shares in the company, valued at $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on KEY. Baird R W upgraded KeyCorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Keefe, Bruyette & Woods decreased their target price on KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Jefferies Financial Group assumed coverage on shares of KeyCorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $18.00 target price on the stock. Evercore ISI set a $17.00 price target on shares of KeyCorp in a research note on Monday, April 28th. Finally, Truist Financial lowered their price objective on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Twelve analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $18.92.

KeyCorp Company Profile

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.