KeyCorp $KEY Stock: AlphaCore Capital LLC Boosts Position

AlphaCore Capital LLC boosted its holdings in shares of KeyCorp (NYSE:KEY) by 170.1% in the third quarter, HoldingsChannel.com reports. The fund owned 40,922 shares of the financial services provider’s stock after buying an additional 25,770 shares during the quarter. AlphaCore Capital LLC’s holdings in KeyCorp were worth $821,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Bank of Nova Scotia purchased a new stake in shares of KeyCorp during the 2nd quarter worth about $3,636,436,000. BlackRock Inc. acquired a new stake in KeyCorp in the 2nd quarter valued at $2,039,113,000. Deutsche Bank AG acquired a new stake in KeyCorp in the 2nd quarter valued at $380,244,000. North Reef Capital Management LP purchased a new position in KeyCorp in the first quarter valued at about $253,632,000. Finally, Legal & General Group Plc purchased a new position in KeyCorp in the second quarter valued at about $142,169,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on KEY. Stephens restated an “overweight” rating and set a $26.00 price objective on shares of KeyCorp in a research note on Tuesday, September 15th. TD Cowen initiated coverage on shares of KeyCorp in a research note on Thursday, October 8th. They set a “buy” rating and a $23.00 price target on the stock. Truist Financial cut their target price on KeyCorp from $24.00 to $23.00 and set a “hold” rating on the stock in a research report on Wednesday, September 23rd. Wall Street Zen upgraded KeyCorp from a “sell” rating to a “hold” rating in a research note on Sunday, October 25th. Finally, Citigroup reaffirmed a “neutral” rating on shares of KeyCorp in a report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average price target of $46.25.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Andrew Paine, III sold 39,130 shares of the firm’s stock in a transaction that occurred on Wednesday, October 28th. The shares were sold at an average price of $21.20, for a total transaction of $829,556.00. Following the completion of the sale, the insider directly owned 191,571 shares in the company, valued at $4,061,305.20. This trade represents a 16.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.56% of the stock is owned by company insiders.

KeyCorp Price Performance

NYSE:KEY opened at $21.46 on Friday. KeyCorp has a 52 week low of $16.91 and a 52 week high of $24.07. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.83 and a current ratio of 0.84. The company has a 50-day moving average of $20.83 and a 200-day moving average of $21.55. The company has a market capitalization of $22.66 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 0.76 and a beta of 1.07.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.46 by $0.05. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. KeyCorp had a net margin of 18.56% and a return on equity of 12.06%. KeyCorp’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. As a group, equities research analysts anticipate that KeyCorp will post 1.88 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.2050 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.82 annualized dividend and a yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is currently 45.05%.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, and the parent of KeyBank National Association. KeyBank traces its history to 1825 and serves consumers, businesses, and institutions through banking and financial services. The company’s offerings include consumer and small-business banking, commercial lending, treasury and payment services, investment banking, and wealth management. Its commercial and investment banking services are also available to clients beyond its retail branch footprint.