120,522 Shares in KeyCorp $KEY Acquired by Synovus Financial Corp

Synovus Financial Corp bought a new stake in shares of KeyCorp (NYSE:KEY) during the 3rd quarter, Holdings Channel.com reports. The fund bought 120,522 shares of the financial services provider’s stock, valued at approximately $2,253,000.

Several other large investors have also recently made changes to their positions in the stock. Marshall Wace LLP grew its holdings in shares of KeyCorp by 2,258.4% during the second quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock valued at $44,821,000 after buying an additional 2,463,880 shares during the last quarter. Prudential Financial Inc. raised its stake in KeyCorp by 9.9% in the 2nd quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock worth $10,018,000 after acquiring an additional 51,705 shares during the last quarter. HoldCo Asset Management LP acquired a new stake in KeyCorp during the 2nd quarter worth about $86,995,000. Korea Investment CORP grew its stake in KeyCorp by 175.5% during the 2nd quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock valued at $7,791,000 after purchasing an additional 284,928 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of KeyCorp by 1.1% in the second quarter. Thrivent Financial for Lutherans now owns 4,712,839 shares of the financial services provider’s stock valued at $82,098,000 after purchasing an additional 53,418 shares during the period. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the transaction, the insider directly owned 166,583 shares of the company’s stock, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares in the company, valued at approximately $5,633,493.25. The trade was a 19.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 161,506 shares of company stock worth $3,597,481 in the last 90 days. Insiders own 0.52% of the company’s stock.

KeyCorp Trading Up 1.7%

Shares of KEY stock opened at $22.17 on Friday. KeyCorp has a 1-year low of $12.73 and a 1-year high of $23.34. The company has a market cap of $24.23 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 0.65 and a beta of 1.10. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a 50 day simple moving average of $21.47 and a 200-day simple moving average of $19.43.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. The company had revenue of $2.01 billion during 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 firm’s revenue was up 131.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.30 EPS. On average, equities research analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. KeyCorp’s payout ratio is currently 53.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on KEY shares. Stephens lifted their target price on KeyCorp from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Wells Fargo & Company set a $18.00 price target on shares of KeyCorp and gave the stock an “underperform” rating in a research report on Tuesday, January 6th. Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a research note on Monday, December 29th. Citigroup reiterated a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. Finally, Truist Financial boosted their target price on shares of KeyCorp from $22.00 to $23.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.87.

About KeyCorp

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.