Fifth Third Bancorp Buys 12,540 Shares of KeyCorp (NYSE:KEY)

Posted by Defense World Staff on Apr 7th, 2023

Fifth Third Bancorp grew its stake in shares of KeyCorp (NYSE:KEY – Get Rating) by 7.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 171,530 shares of the financial services provider’s stock after buying an additional 12,540 shares during the quarter. Fifth Third Bancorp’s holdings in KeyCorp were worth $2,988,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cetera Advisor Networks LLC grew its position in KeyCorp by 37.9% during the 1st quarter. Cetera Advisor Networks LLC now owns 12,740 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 3,504 shares during the last quarter. Sei Investments Co. boosted its stake in shares of KeyCorp by 12.9% during the first quarter. Sei Investments Co. now owns 1,183,502 shares of the financial services provider’s stock valued at $26,543,000 after purchasing an additional 135,193 shares in the last quarter. Aviva PLC grew its holdings in shares of KeyCorp by 177.0% during the first quarter. Aviva PLC now owns 525,009 shares of the financial services provider’s stock worth $11,750,000 after purchasing an additional 335,457 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of KeyCorp in the first quarter valued at approximately $38,000. Finally, Allianz Asset Management GmbH raised its holdings in KeyCorp by 10.6% in the 1st quarter. Allianz Asset Management GmbH now owns 212,557 shares of the financial services provider’s stock valued at $4,757,000 after buying an additional 20,384 shares during the last quarter. 82.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on KEY. DA Davidson assumed coverage on shares of KeyCorp in a report on Tuesday, December 20th. They set a “buy” rating and a $20.00 target price on the stock. Piper Sandler raised shares of KeyCorp from an “underweight” rating to a “neutral” rating and reduced their price objective for the stock from $18.50 to $16.50 in a research note on Friday, March 10th. The Goldman Sachs Group lowered their target price on KeyCorp from $20.50 to $16.00 and set a “buy” rating for the company in a research report on Thursday, March 30th. Keefe, Bruyette & Woods cut their target price on KeyCorp from $20.00 to $19.00 and set a “market perform” rating on the stock in a report on Wednesday, March 8th. Finally, Wells Fargo & Company decreased their price target on KeyCorp from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.37.

Insider Activity at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 5,352 shares of the stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $19.95, for a total value of $106,772.40. Following the transaction, the insider now owns 194,280 shares in the company, valued at $3,875,886. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Amy G. Brady sold 45,000 shares of the business’s stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $15.58, for a total transaction of $701,100.00. Following the completion of the sale, the insider now directly owns 119,121 shares of the company’s stock, valued at $1,855,905.18. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Angela G. Mago sold 5,352 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $19.95, for a total transaction of $106,772.40. Following the completion of the transaction, the insider now directly owns 194,280 shares in the company, valued at approximately $3,875,886. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by corporate insiders.

KeyCorp Stock Performance

Shares of KEY stock opened at $11.91 on Friday. The firm has a 50 day moving average of $16.17 and a 200-day moving average of $17.08. The company has a market cap of $11.02 billion, a price-to-earnings ratio of 6.20, a price-to-earnings-growth ratio of 1.02 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.76. KeyCorp has a 52 week low of $9.60 and a 52 week high of $22.17.

KeyCorp (NYSE:KEY – Get Rating) last issued its earnings results on Thursday, January 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.17). KeyCorp had a return on equity of 15.27% and a net margin of 22.46%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the prior year, the company earned $0.64 earnings per share. On average, equities analysts forecast that KeyCorp will post 1.85 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th were paid a $0.205 dividend. The ex-dividend date of this dividend was Monday, February 27th. This represents a $0.82 annualized dividend and a dividend yield of 6.88%. KeyCorp’s dividend payout ratio is presently 42.71%.

KeyCorp Company Profile

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KeyCorp is a bank holding company, which engages in the provision of financial services. It provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.