Patriot Financial Group Insurance Agency LLC Purchases New Stake in KeyCorp $KEY

Patriot Financial Group Insurance Agency LLC acquired a new position in shares of KeyCorp (NYSE:KEY) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 56,924 shares of the financial services provider’s stock, valued at approximately $1,141,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KEY. Louisiana State Employees Retirement System purchased a new stake in KeyCorp in the 1st quarter valued at $958,000. Kestra Private Wealth Services LLC raised its holdings in shares of KeyCorp by 4.3% during the 1st quarter. Kestra Private Wealth Services LLC now owns 54,023 shares of the financial services provider’s stock worth $1,083,000 after acquiring an additional 2,237 shares during the period. Ritholtz Wealth Management acquired a new position in shares of KeyCorp during the 1st quarter valued at about $784,000. Fifth Third Wealth Advisors LLC boosted its position in shares of KeyCorp by 19.4% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 12,798 shares of the financial services provider’s stock valued at $257,000 after acquiring an additional 2,083 shares during the last quarter. Finally, OP Asset Management Ltd purchased a new stake in shares of KeyCorp in the first quarter valued at about $1,961,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Down 0.5%

Shares of KEY opened at $23.16 on Tuesday. The company’s 50-day moving average price is $21.91 and its 200 day moving average price is $21.29. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.72. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a market cap of $24.99 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 0.73 and a beta of 1.03.

KeyCorp (NYSE:KEY) last announced its 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 company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same quarter last year, the firm posted $0.38 earnings per share. KeyCorp’s revenue was up 10.2% compared to the same quarter last year. On average, sell-side analysts forecast that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

KeyCorp announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

KEY has been the subject of several recent analyst reports. Stephens began coverage on shares of KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective for the company. Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Morgan Stanley restated a “positive” rating on shares of KeyCorp in a report on Monday. Piper Sandler lifted their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Finally, Truist Financial upped their price objective on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, June 24th. Thirteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.55.

Insiders Place Their Bets

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

About KeyCorp

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.