Tempo Wealth LLC Makes New Investment in KeyCorp $KEY

Tempo Wealth LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the 4th quarter, HoldingsChannel reports. The fund bought 22,791 shares of the financial services provider’s stock, valued at approximately $470,000.

A number of other large investors have also made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Capital World Investors grew its holdings in KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after buying an additional 13,067,326 shares in the last quarter. Norges Bank purchased a new stake in KeyCorp in the 4th quarter valued at $262,688,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of KeyCorp in the 4th quarter worth $150,843,000. Finally, AQR Capital Management LLC increased its stake in shares of KeyCorp by 416.3% in the 4th quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.56% of the stock is currently owned by insiders.

KeyCorp Trading Up 0.1%

NYSE KEY opened at $22.61 on Friday. The firm’s 50-day moving average is $21.70 and its two-hundred day moving average is $21.10. KeyCorp has a 12 month low of $16.01 and a 12 month high of $23.34. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $24.52 billion, a P/E ratio of 13.87, a PEG ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business earned $0.38 earnings per share. On average, sell-side analysts anticipate that KeyCorp will post 1.82 earnings per share for the current year.

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

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.6%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on KEY. Morgan Stanley lowered their price target 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. Truist Financial cut their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research report on Monday, March 23rd. Piper Sandler boosted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Stephens began coverage on shares of KeyCorp in a research note on Monday. They issued an “overweight” rating and a $26.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price target on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.13.

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.