Healthcare of Ontario Pension Plan Trust Fund Has $17.58 Million Stake in KeyCorp $KEY

Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of KeyCorp (NYSE:KEY) by 2,288.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 876,976 shares of the financial services provider’s stock after purchasing an additional 840,252 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.08% of KeyCorp worth $17,583,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MCF Advisors LLC boosted its position in shares of KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after buying an additional 456 shares during the last quarter. Prime Capital Investment Advisors LLC raised its position in KeyCorp by 1.7% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock valued at $588,000 after buying an additional 486 shares during the last quarter. Harbour Investments Inc. lifted its stake in KeyCorp by 19.0% during the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 508 shares in the last quarter. Centennial Wealth Advisory LLC lifted its stake in KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock valued at $929,000 after acquiring an additional 524 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its holdings in KeyCorp by 4.6% during the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock worth $252,000 after acquiring an additional 539 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred 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 directly owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by insiders.

KeyCorp Trading Down 0.6%

Shares of KeyCorp stock opened at $22.50 on Tuesday. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The firm has a market cap of $24.29 billion, a PE ratio of 13.08, a P/E/G ratio of 0.74 and a beta of 1.02. The stock has a fifty day moving average price of $22.50 and a 200-day moving average price of $21.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 EPS. Equities research analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

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

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. UBS Group upped their target price on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. DA Davidson reissued a “buy” rating and set a $28.00 price target on shares of KeyCorp in a research report on Wednesday, July 22nd. Truist Financial boosted their price target on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. upped their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Finally, Robert W. Baird increased their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus 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.