Impax Asset Management Group plc Has $13.40 Million Stake in KeyCorp (NYSE:KEY)

Impax Asset Management Group plc trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 28.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 838,173 shares of the financial services provider’s stock after selling 327,367 shares during the quarter. Impax Asset Management Group plc’s holdings in KeyCorp were worth $13,402,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Whittier Trust Co. increased its position in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after buying an additional 800 shares during the last quarter. Ethos Financial Group LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of KeyCorp in the fourth quarter valued at about $34,000. Finally, FSC Wealth Advisors LLC acquired a new stake in shares of KeyCorp in the first quarter valued at about $34,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on KEY shares. Citigroup reaffirmed a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. Wall Street Zen raised KeyCorp from a “sell” rating to a “hold” rating in a research report on Monday, April 21st. Jefferies Financial Group started coverage on KeyCorp in a research report on Wednesday, May 21st. They issued a “hold” rating and a $18.00 price target on the stock. Truist Financial lowered their price target on KeyCorp from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Finally, Evercore ISI set a $17.00 price target on KeyCorp in a research report on Monday, April 28th. Thirteen research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, KeyCorp currently has an average rating of “Hold” and an average price target of $18.97.

KeyCorp Stock Up 1.4%

KEY stock opened at $18.46 on Friday. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company has a market cap of $20.23 billion, a PE ratio of -108.56, a price-to-earnings-growth ratio of 0.69 and a beta of 1.11. The business’s 50-day simple moving average is $16.18 and its 200 day simple moving average is $16.32. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.75.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. During the same quarter last year, the company earned $0.20 earnings per share. On average, research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend was Tuesday, May 27th. KeyCorp’s dividend payout ratio is -482.35%.

KeyCorp declared that its Board of Directors has approved a share repurchase program on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the transaction, the insider owned 82,523 shares in the company, valued at $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mohit Ramani purchased 10,000 shares of the business’s stock in a transaction on Monday, April 21st. The shares were acquired at an average price of $13.75 per share, with a total value of $137,500.00. Following the purchase, the insider owned 10,000 shares of the company’s stock, valued at approximately $137,500. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.52% of the company’s stock.

KeyCorp Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.