iA Global Asset Management Inc. Has $3.79 Million Stock Holdings in KeyCorp $KEY

iA Global Asset Management Inc. increased its holdings in shares of KeyCorp (NYSE:KEY) by 51.2% in the first quarter, Holdings Channel.com reports. The firm owned 188,808 shares of the financial services provider’s stock after purchasing an additional 63,961 shares during the quarter. iA Global Asset Management Inc.’s holdings in KeyCorp were worth $3,786,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Maseco LLP bought a new position in KeyCorp in the fourth quarter valued at approximately $27,000. DV Equities LLC bought a new stake in shares of KeyCorp during the fourth quarter worth $27,000. GoalVest Advisory LLC acquired a new stake in shares of KeyCorp during the fourth quarter worth $30,000. Smithfield Trust Co bought a new stake in KeyCorp in the 4th quarter valued at $31,000. Finally, Kelleher Financial Advisors bought a new stake in KeyCorp in the 3rd quarter valued at $32,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on KEY shares. Jefferies Financial Group upped their target price on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, April 17th. Susquehanna boosted their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. The Goldman Sachs Group upped their price objective on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Morgan Stanley increased their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Piper Sandler lifted their target price on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $46.55.

KeyCorp Stock Up 1.0%

Shares of KEY stock opened at $23.27 on Thursday. The firm’s fifty day moving average price is $21.96 and its two-hundred day moving average price is $21.33. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1 year low of $16.47 and a 1 year high of $23.72. The firm has a market capitalization of $25.12 billion, a P/E ratio of 14.28, a PEG ratio of 0.72 and a beta of 1.02.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 EPS. On average, equities analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Announces Dividend

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 dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.5%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is presently 50.31%.

KeyCorp announced that its board has approved a stock repurchase plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.56% of the company’s stock.

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.