Virtu Financial LLC Purchases New Shares in KeyCorp $KEY

Virtu Financial LLC purchased a new position in KeyCorp (NYSE:KEY) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 38,235 shares of the financial services provider’s stock, valued at approximately $789,000.

A number of other large investors also recently added to or reduced their stakes in KEY. Vanguard Group Inc. increased its stake in shares of KeyCorp by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after purchasing an additional 1,192,323 shares in the last quarter. Wellington Management Group LLP lifted its stake in KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after buying an additional 17,245,128 shares in the last quarter. Geode Capital Management LLC lifted its stake in KeyCorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock valued at $493,048,000 after buying an additional 115,968 shares in the last quarter. Capital World Investors boosted its holdings in KeyCorp by 1.1% in the 4th quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after buying an additional 238,514 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in KeyCorp by 4.7% in the 4th quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock worth $424,507,000 after buying an additional 916,732 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related 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 transaction of $494,411.16. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.56% of the company’s stock.

KeyCorp Stock Up 1.1%

Shares of NYSE KEY opened at $22.84 on Tuesday. The stock has a market cap of $24.76 billion, a PE ratio of 14.01, a P/E/G ratio of 0.71 and a beta of 1.03. 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 12-month low of $16.01 and a 12-month high of $23.34. The company has a 50-day moving average of $21.75 and a 200 day moving average of $21.16.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. As a group, sell-side analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp declared that its board has approved a stock repurchase program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding 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 often an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently declared 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 dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Royal Bank Of Canada increased their target price on KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Truist Financial lowered their price target on KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research note on Monday, March 23rd. DA Davidson boosted their price target on KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, Morgan Stanley decreased their price objective on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.13.

KeyCorp 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.