Wealthfront Advisers LLC Has $8.60 Million Stock Position in KeyCorp $KEY

Wealthfront Advisers LLC grew its holdings in KeyCorp (NYSE:KEY) by 5.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 428,971 shares of the financial services provider’s stock after acquiring an additional 23,475 shares during the period. Wealthfront Advisers LLC’s holdings in KeyCorp were worth $8,601,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC bought a new stake in shares of KeyCorp during the fourth quarter worth approximately $476,000. Woodline Partners LP increased its holdings in shares of KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after purchasing an additional 24,627 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 1,890 shares during the period. Cresset Asset Management LLC raised its position in shares of KeyCorp by 6.5% in the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after buying an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new stake in shares of KeyCorp in the second quarter valued at approximately $186,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of analyst reports. The Goldman Sachs Group increased their price target on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Robert W. Baird lifted their price objective on KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, April 17th. Stephens began coverage on KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 target price for the company. TD Cowen reissued a “buy” rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Finally, Wells Fargo & Company increased their target price on KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.34.

Insider Activity

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

KeyCorp Price Performance

KEY stock opened at $23.57 on Friday. The company has a 50 day simple moving average of $22.29 and a 200 day simple moving average of $21.52. The stock has a market cap of $25.44 billion, a price-to-earnings ratio of 14.46, a P/E/G ratio of 0.75 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the prior year, the company earned $0.38 EPS. KeyCorp’s revenue was up 10.2% compared to the same quarter last year. Research analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio is currently 50.31%.

KeyCorp declared that its board has initiated a stock repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

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.