Sterling Capital Management LLC Has $624,000 Stock Position in KeyCorp $KEY

Sterling Capital Management LLC lowered its position in KeyCorp (NYSE:KEY) by 44.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 31,133 shares of the financial services provider’s stock after selling 24,929 shares during the period. Sterling Capital Management LLC’s holdings in KeyCorp were worth $624,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. DV Equities LLC acquired a new position in shares of KeyCorp during the fourth quarter worth approximately $27,000. Maseco LLP acquired a new stake in KeyCorp in the 4th quarter valued at $27,000. GoalVest Advisory LLC acquired a new stake in KeyCorp in the 4th quarter valued at $30,000. Smithfield Trust Co bought a new stake in KeyCorp during the 4th quarter valued at $31,000. Finally, True Wealth Design LLC increased its stake in KeyCorp by 1,263.5% during the 4th quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,592 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Jefferies Financial Group raised 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. Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Truist Financial raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Finally, The Goldman Sachs Group lifted their price target on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.55.

KeyCorp Price Performance

KeyCorp stock opened at $23.27 on Thursday. KeyCorp has a 52 week low of $16.47 and a 52 week high of $23.72. The company’s 50 day moving average price is $21.96 and its two-hundred day moving average price is $21.33. The stock has a market cap of $25.12 billion, a P/E ratio of 14.28, a P/E/G ratio of 0.72 and a beta of 1.02. 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 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. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.KeyCorp’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $0.38 earnings per share. On average, equities analysts predict that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.

KeyCorp announced that its Board of Directors has approved a stock repurchase 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 reacquire up to 13% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the business’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 transaction, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by insiders.

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.