Pacer Advisors Inc. Has $948,000 Stake in KeyCorp $KEY

Pacer Advisors Inc. reduced its holdings in KeyCorp (NYSE:KEY) by 35.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 47,260 shares of the financial services provider’s stock after selling 26,000 shares during the period. Pacer Advisors Inc.’s holdings in KeyCorp were worth $948,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of KEY. DV Equities LLC acquired a new position in KeyCorp during the fourth quarter valued at approximately $27,000. Smithfield Trust Co acquired a new stake in shares of KeyCorp in the 4th quarter valued at approximately $31,000. Kelleher Financial Advisors bought a new position in shares of KeyCorp in the third quarter valued at $32,000. Richardson Financial Services Inc. acquired a new position in KeyCorp during the fourth quarter worth $38,000. Finally, MCF Advisors LLC raised its position in KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 456 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on KEY shares. TD Cowen restated a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a research note on Tuesday, June 23rd. Stephens initiated coverage on KeyCorp in a research note on Monday, June 15th. They set an “overweight” rating and a $26.00 target price for the company. Morgan Stanley lifted their target price on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Piper Sandler increased their price target on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Finally, Keefe, Bruyette & Woods raised their price target on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Price Performance

KeyCorp stock opened at $22.72 on Monday. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. The stock’s 50 day moving average is $22.73 and its 200-day moving average is $21.71. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $24.25 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 0.74 and a beta of 1.03.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Equities research analysts expect that KeyCorp will post 1.83 EPS for the current year.

KeyCorp declared that its board has approved a stock buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

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.