CIBC Asset Management Inc Raises Holdings in KeyCorp $KEY

CIBC Asset Management Inc lifted its holdings in shares of KeyCorp (NYSE:KEY) by 65.2% in the fourth quarter, HoldingsChannel reports. The firm owned 223,201 shares of the financial services provider’s stock after acquiring an additional 88,070 shares during the period. CIBC Asset Management Inc’s holdings in KeyCorp were worth $4,607,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP grew its stake in shares of KeyCorp by 90.2% during 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 during the period. Capital World Investors grew its stake in shares of KeyCorp by 169.2% during the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after buying an additional 13,067,326 shares during the period. Norges Bank purchased a new stake in shares of KeyCorp during the 4th quarter valued at $262,688,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of KeyCorp during the 4th quarter valued at $150,843,000. Finally, Two Sigma Investments LP purchased a new stake in shares of KeyCorp during the 3rd quarter valued at $66,683,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on KEY shares. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Jefferies Financial Group boosted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, April 17th. Truist Financial lowered their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research note on Monday, March 23rd. Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, Robert W. Baird boosted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, April 17th. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.78.

KeyCorp Stock Performance

Shares of KEY stock opened at $21.81 on Friday. KeyCorp has a 12 month low of $15.59 and a 12 month high of $23.34. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $23.64 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.69 and a beta of 1.03. The company’s fifty day moving average price is $21.30 and its two-hundred day moving average price is $20.79.

KeyCorp (NYSE:KEY) last issued 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. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the previous year, the business posted $0.38 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio is 50.31%.

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

Insider Activity

In other news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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.