Mattson Financial Services LLC Has $1.56 Million Stock Position in KeyCorp $KEY

Mattson Financial Services LLC boosted its stake in shares of KeyCorp (NYSE:KEY) by 298.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 75,771 shares of the financial services provider’s stock after buying an additional 56,736 shares during the period. Mattson Financial Services LLC’s holdings in KeyCorp were worth $1,564,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in KeyCorp by 2.7% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider’s stock worth $37,641,000 after buying an additional 53,682 shares during the period. Synovus Financial Corp acquired a new stake in KeyCorp during the 3rd quarter worth approximately $2,253,000. M&T Bank Corp raised its holdings in shares of KeyCorp by 5,317.0% in the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after purchasing an additional 1,325,588 shares during the last quarter. Xponance Inc. raised its holdings in shares of KeyCorp by 31.0% in the third quarter. Xponance Inc. now owns 471,949 shares of the financial services provider’s stock valued at $8,821,000 after purchasing an additional 111,753 shares during the last quarter. Finally, Caisse Des Depots ET Consignations acquired a new stake in shares of KeyCorp in the third quarter valued at approximately $1,294,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

NYSE KEY opened at $22.36 on Friday. The company has a market capitalization of $24.25 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 0.70 and a beta of 1.03. KeyCorp has a 12-month low of $15.59 and a 12-month high of $23.34. The firm’s 50 day moving average is $21.49 and its 200-day moving average is $20.94. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last issued 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 the consensus estimate of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 earnings per share. Equities research analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has approved a share buyback program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s payout ratio is presently 50.31%.

Insiders Place Their Bets

In related 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 transaction of $494,411.16. Following the transaction, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. DA Davidson lifted their price objective on shares of KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, May 4th. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Truist Financial lowered their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a report on Monday, March 23rd. Finally, Morgan Stanley lowered their price objective on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.78.

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.