Fifth Third Bancorp Reduces Holdings in KeyCorp (NYSE:KEY)

Fifth Third Bancorp decreased its holdings in shares of KeyCorp (NYSE:KEY) by 47.9% during the first quarter, Holdings Channel.com reports. The fund owned 76,791 shares of the financial services provider’s stock after selling 70,642 shares during the period. Fifth Third Bancorp’s holdings in KeyCorp were worth $1,228,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Advisors Ltd. LLC lifted its holdings in shares of KeyCorp by 44.1% during the first quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 766 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of KeyCorp by 6.0% during the first quarter. Handelsbanken Fonder AB now owns 250,671 shares of the financial services provider’s stock worth $4,008,000 after purchasing an additional 14,118 shares during the period. GAMMA Investing LLC lifted its holdings in shares of KeyCorp by 9.6% during the first quarter. GAMMA Investing LLC now owns 33,339 shares of the financial services provider’s stock worth $533,000 after purchasing an additional 2,926 shares during the period. Wealthcare Advisory Partners LLC lifted its holdings in shares of KeyCorp by 1.6% during the first quarter. Wealthcare Advisory Partners LLC now owns 134,638 shares of the financial services provider’s stock worth $2,153,000 after purchasing an additional 2,149 shares during the period. Finally, Tounjian Advisory Partners LLC acquired a new stake in shares of KeyCorp during the first quarter worth about $1,248,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Trading Down 3.0%

Shares of KEY stock opened at $15.63 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $17.12 billion, a price-to-earnings ratio of -52.08, a PEG ratio of 0.65 and a beta of 1.09. The stock has a 50 day simple moving average of $15.34 and a 200-day simple moving average of $16.46. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same period in the prior year, the company posted $0.20 EPS. On average, equities research analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has approved a stock buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 5.25%. The ex-dividend date of this dividend was Tuesday, May 27th. KeyCorp’s payout ratio is -482.35%.

Insider Transactions at KeyCorp

In other news, insider Mohit Ramani purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the transaction, the insider now owns 10,000 shares of the company’s stock, valued at $137,500. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the sale, the director now owns 37,177 shares of the company’s stock, valued at $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

KEY has been the subject of a number of research reports. Keefe, Bruyette & Woods decreased their target price on KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Cowen began coverage on KeyCorp in a report on Wednesday, May 14th. They set a “hold” rating for the company. Citigroup reissued a “buy” rating on shares of KeyCorp in a report on Thursday, April 17th. Truist Financial decreased their price target on KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, April 22nd. Finally, Evercore ISI set a $17.00 price target on KeyCorp in a report on Monday, April 28th. Eleven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.86.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.