MFG Wealth Management Inc. Sells 26,006 Shares of KeyCorp $KEY

MFG Wealth Management Inc. reduced its stake in shares of KeyCorp (NYSE:KEY) by 20.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 100,622 shares of the financial services provider’s stock after selling 26,006 shares during the quarter. KeyCorp makes up about 1.7% of MFG Wealth Management Inc.’s holdings, making the stock its 23rd biggest holding. MFG Wealth Management Inc.’s holdings in KeyCorp were worth $2,319,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in KEY. DV Equities LLC bought a new position in KeyCorp in the fourth quarter worth about $27,000. Maseco LLP bought a new stake in KeyCorp during the 4th quarter valued at approximately $27,000. Smithfield Trust Co bought a new stake in KeyCorp during the 4th quarter valued at approximately $31,000. Kelleher Financial Advisors purchased a new position in shares of KeyCorp during the 3rd quarter worth approximately $32,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of KeyCorp during the 4th quarter worth approximately $38,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of KEY opened at $22.72 on Friday. The stock has a market cap of $24.25 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 0.74 and a beta of 1.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The firm’s 50-day simple moving average is $22.73 and its two-hundred day simple moving average is $21.70.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the business earned $0.35 earnings per share. The business’s revenue was up 6.7% on a year-over-year basis. Analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp announced that its board has approved a stock buyback program 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 repurchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

Analyst Ratings Changes

A number of research firms have recently commented on KEY. UBS Group raised their target price on KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Stephens initiated coverage on KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 price target on the stock. JPMorgan Chase & Co. upped their price target on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods increased their price objective on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Finally, Piper Sandler raised their price objective on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.14.

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.