Inceptionr LLC Purchases Shares of 28,442 KeyCorp $KEY

Inceptionr LLC bought a new position in shares of KeyCorp (NYSE:KEY) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 28,442 shares of the financial services provider’s stock, valued at approximately $570,000.

A number of other hedge funds also recently bought and sold shares of KEY. MCF Advisors LLC raised its position in KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 456 shares during the last quarter. Prime Capital Investment Advisors LLC increased its position in KeyCorp by 1.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock valued at $588,000 after buying an additional 486 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 508 shares during the last quarter. Centennial Wealth Advisory LLC raised its position in shares of KeyCorp by 1.2% in the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock worth $929,000 after purchasing an additional 524 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its stake in KeyCorp by 4.6% in the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 539 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Down 0.4%

Shares of KeyCorp stock opened at $22.64 on Friday. The company’s fifty day simple moving average is $22.47 and its 200-day simple moving average is $21.60. The stock has a market capitalization of $24.43 billion, a PE ratio of 13.16, a P/E/G ratio of 0.74 and a beta of 1.02. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $0.35 earnings per share. KeyCorp’s quarterly revenue was up 6.7% compared to the same quarter last year. As a group, equities analysts anticipate that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

KeyCorp declared that its Board of Directors has authorized a share buyback program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. TD Cowen reaffirmed a “buy” rating and issued a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. UBS Group increased their target price on KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada boosted their price target on KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday. DA Davidson reaffirmed a “buy” rating and set a $28.00 price target on shares of KeyCorp in a report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.14.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider directly owned 281,564 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is owned by insiders.

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.