Ritholtz Wealth Management Makes New $784,000 Investment in KeyCorp $KEY

Ritholtz Wealth Management acquired a new stake in KeyCorp (NYSE:KEY) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 39,124 shares of the financial services provider’s stock, valued at approximately $784,000.

A number of other hedge funds also recently made changes to their positions in the company. MCF Advisors LLC boosted its stake in shares of KeyCorp by 31.6% in the fourth 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 period. Prime Capital Investment Advisors LLC increased its stake 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 worth $588,000 after buying an additional 486 shares during the period. Harbour Investments Inc. increased its stake in KeyCorp by 19.0% during the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after buying an additional 508 shares during the period. Centennial Wealth Advisory LLC lifted its holdings in 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 buying an additional 524 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its holdings 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 buying an additional 539 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Price Performance

Shares of KEY stock opened at $23.16 on Tuesday. The firm has a fifty day moving average of $21.91 and a two-hundred day moving average of $21.29. The firm has a market cap of $24.99 billion, a P/E ratio of 14.21, a P/E/G ratio of 0.73 and a beta of 1.03. KeyCorp has a 1-year low of $16.47 and a 1-year high of $23.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The business had revenue of $1.95 billion for 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 company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 earnings per share. As a group, research analysts anticipate that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp declared that its board has approved a share repurchase program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were paid a dividend of $0.205 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 annualized dividend and a yield of 3.5%. KeyCorp’s dividend payout ratio is presently 50.31%.

Insider Buying and Selling

In other news, insider Angela G. Mago sold 22,826 shares of KeyCorp 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 completion of the transaction, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on KEY. JPMorgan Chase & Co. lowered their target price on KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Royal Bank Of Canada boosted their price target on KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. TD Cowen restated a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a research note on Tuesday, June 23rd. Finally, Jefferies Financial Group lifted their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and an average price target of $46.55.

KeyCorp Company Profile

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.