Amalgamated Bank Has $2.99 Million Stock Position in KeyCorp (NYSE:KEY)

Amalgamated Bank boosted its position in KeyCorp (NYSE:KEY) by 1.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 187,257 shares of the financial services provider’s stock after purchasing an additional 2,966 shares during the period. Amalgamated Bank’s holdings in KeyCorp were worth $2,994,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of KEY. Norges Bank acquired a new stake in KeyCorp during the fourth quarter worth approximately $153,235,000. Vanguard Group Inc. lifted its position in KeyCorp by 7.1% during 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 acquiring an additional 7,754,576 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in KeyCorp during the fourth quarter worth approximately $63,540,000. FMR LLC lifted its position in KeyCorp by 7.1% during the fourth 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. Finally, Raymond James Financial Inc. acquired a new stake in KeyCorp during the fourth quarter worth approximately $42,827,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the sale, the director owned 37,177 shares in the company, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mohit Ramani bought 10,000 shares of the business’s stock in a transaction on Monday, April 21st. The stock was bought at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the transaction, the insider directly owned 10,000 shares of the company’s stock, valued at approximately $137,500. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.52% of the stock is currently owned by insiders.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $18.46 on Friday. The company’s 50 day simple moving average is $16.18 and its 200 day simple moving average is $16.33. The stock has a market capitalization of $20.23 billion, a price-to-earnings ratio of -108.56, a price-to-earnings-growth ratio of 0.69 and a beta of 1.11. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations 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 last year, the firm posted $0.20 earnings per share. As a group, research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has authorized a share repurchase 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 usually a sign that the company’s board of directors believes its stock is 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 $0.205 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 4.44%. KeyCorp’s dividend payout ratio (DPR) is -482.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Evercore ISI set a $17.00 price objective on shares of KeyCorp in a research report on Monday, April 28th. Citigroup restated a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. Truist Financial cut their price objective on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company cut shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Thirteen analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, KeyCorp has a consensus rating of “Hold” and an average target price of $18.97.

KeyCorp 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.