Maltese Capital Management LLC decreased its position in shares of KeyCorp (NYSE:KEY – Free Report) by 33.9% during the 4th quarter, HoldingsChannel reports. The fund owned 185,000 shares of the financial services provider’s stock after selling 95,000 shares during the quarter. Maltese Capital Management LLC’s holdings in KeyCorp were worth $3,818,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Maseco LLP purchased a new position in KeyCorp during the fourth quarter worth about $27,000. GoalVest Advisory LLC purchased a new stake in shares of KeyCorp in the 4th quarter valued at approximately $30,000. Smithfield Trust Co acquired a new stake in shares of KeyCorp during the 4th quarter worth approximately $31,000. Kelleher Financial Advisors acquired a new stake in shares of KeyCorp during the 3rd quarter worth approximately $32,000. Finally, True Wealth Design LLC raised its position in shares of 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 buying an additional 1,592 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.
KeyCorp Trading Down 1.3%
KEY opened at $22.40 on Tuesday. KeyCorp has a 52 week low of $15.66 and a 52 week high of $23.34. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $21.58 and a 200-day simple moving average of $21.01. The firm has a market cap of $24.29 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.72 and a beta of 1.03.
KeyCorp declared that its Board of Directors has initiated a share repurchase 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 buy up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
KeyCorp Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were paid 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 3.7%. KeyCorp’s payout ratio is 50.31%.
Insiders Place Their Bets
In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction on Friday, May 8th. The stock was 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 approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.56% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on KEY shares. Truist Financial decreased their price objective on KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a report on Monday, March 23rd. Royal Bank Of Canada upped their price target on KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, April 17th. Evercore reiterated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, DA Davidson upped their target price on shares of KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and a consensus target price of $44.13.
Get Our Latest Research Report on KEY
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.
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