MFG Wealth Management Inc. Sells 26,006 Shares of KeyCorp $KEY

MFG Wealth Management Inc. trimmed its position in shares of KeyCorp (NYSE:KEY) by 20.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 100,622 shares of the financial services provider’s stock after selling 26,006 shares during the quarter. KeyCorp comprises about 1.7% of MFG Wealth Management Inc.’s holdings, making the stock its 23rd biggest holding. MFG Wealth Management Inc.’s holdings in KeyCorp were worth $2,319,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Czech National Bank raised its holdings in KeyCorp by 2.8% in the second quarter. Czech National Bank now owns 262,320 shares of the financial services provider’s stock worth $6,046,000 after buying an additional 7,121 shares during the last quarter. PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in shares of KeyCorp by 1.8% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 183,781 shares of the financial services provider’s stock valued at $4,236,000 after buying an additional 3,223 shares during the last quarter. GAMMA Investing LLC increased its position in shares of KeyCorp by 8.9% during the second quarter. GAMMA Investing LLC now owns 50,545 shares of the financial services provider’s stock valued at $1,165,000 after acquiring an additional 4,139 shares in the last quarter. Avior Wealth Management LLC increased its position in shares of KeyCorp by 18.2% during the second quarter. Avior Wealth Management LLC now owns 41,464 shares of the financial services provider’s stock valued at $956,000 after acquiring an additional 6,387 shares in the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of KeyCorp by 42.6% during the second quarter. CoreCap Advisors LLC now owns 17,476 shares of the financial services provider’s stock valued at $403,000 after acquiring an additional 5,223 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Stock Up 0.3%

KeyCorp stock opened at $22.72 on Friday. The stock has a market cap of $24.25 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 0.74 and a beta of 1.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The stock has a fifty day moving average of $22.73 and a 200 day moving average of $21.70.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, sell-side analysts predict that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio is 47.67%.

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

Analyst Upgrades and Downgrades

KEY has been the topic of several recent analyst reports. The Goldman Sachs Group increased their target price on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. JPMorgan Chase & Co. upped their price target on KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a report on Monday, July 6th. Truist Financial increased their price objective on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Evercore reiterated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

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.