Hsbc Holdings PLC Has $45.43 Million Position in KeyCorp $KEY

Hsbc Holdings PLC lessened its position in KeyCorp (NYSE:KEY) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,199,233 shares of the financial services provider’s stock after selling 34,060 shares during the period. Hsbc Holdings PLC’s holdings in KeyCorp were worth $45,427,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. DV Equities LLC bought a new position in shares of KeyCorp during the fourth quarter worth $27,000. Maseco LLP acquired a new stake in KeyCorp during the 4th quarter worth $27,000. GoalVest Advisory LLC acquired a new stake in KeyCorp during the 4th quarter worth $30,000. Smithfield Trust Co bought a new position in KeyCorp during the fourth quarter worth about $31,000. Finally, True Wealth Design LLC grew its stake in KeyCorp by 1,263.5% in the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,592 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Up 1.0%

KEY stock opened at $23.06 on Wednesday. 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 stock has a market capitalization of $25.00 billion, a P/E ratio of 14.15, a P/E/G ratio of 0.71 and a beta of 1.03. The business has a 50-day moving average of $21.78 and a 200-day moving average of $21.19. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $23.34.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating 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 return on equity of 10.80% and a net margin of 17.03%.KeyCorp’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 EPS. On average, sell-side analysts anticipate that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a $0.205 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on KEY shares. Stephens initiated coverage on KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target for the company. Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. The Goldman Sachs Group increased their target price on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Evercore restated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Royal Bank Of Canada upped their price target on shares of KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.39.

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.