Tempo Wealth LLC Takes Position in KeyCorp $KEY

Tempo Wealth LLC bought a new position in shares of KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 22,791 shares of the financial services provider’s stock, valued at approximately $470,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Maseco LLP acquired a new position in shares of KeyCorp in the 4th quarter valued at about $27,000. DV Equities LLC acquired a new stake in KeyCorp during the fourth quarter worth about $27,000. GoalVest Advisory LLC purchased a new position in KeyCorp during the fourth quarter valued at approximately $30,000. Smithfield Trust Co acquired a new position in KeyCorp in the fourth quarter valued at approximately $31,000. Finally, Kelleher Financial Advisors acquired a new position in KeyCorp in the third quarter valued at approximately $32,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Truist Financial lowered their price target 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. Susquehanna lifted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Morgan Stanley lowered their target price on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.13.

KeyCorp Stock Up 0.1%

Shares of NYSE KEY opened at $22.61 on Friday. The company’s 50-day simple moving average is $21.70 and its 200-day simple moving average is $21.10. KeyCorp has a 52-week low of $16.01 and a 52-week high of $23.34. The firm has a market cap of $24.52 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. 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 released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

KeyCorp announced that its board has initiated a share buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider directly owned 281,564 shares of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by company insiders.

KeyCorp Company 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.