State of Michigan Retirement System Has $4.42 Million Position in KeyCorp (NYSE:KEY)

Posted by Defense World Staff on Apr 11th, 2023

State of Michigan Retirement System grew its stake in shares of KeyCorp (NYSE:KEY – Get Rating) by 0.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 253,528 shares of the financial services provider’s stock after acquiring an additional 1,100 shares during the quarter. State of Michigan Retirement System’s holdings in KeyCorp were worth $4,416,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Paradigm Financial Partners LLC lifted its position in KeyCorp by 3.6% during the fourth quarter. Paradigm Financial Partners LLC now owns 90,370 shares of the financial services provider’s stock worth $1,660,000 after purchasing an additional 3,140 shares during the period. Sigma Investment Counselors Inc. raised its position in shares of KeyCorp by 0.7% in the 4th quarter. Sigma Investment Counselors Inc. now owns 101,491 shares of the financial services provider’s stock valued at $1,768,000 after buying an additional 689 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of KeyCorp by 0.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 71,943 shares of the financial services provider’s stock worth $1,253,000 after acquiring an additional 650 shares during the period. Comerica Bank boosted its position in shares of KeyCorp by 14.2% during the 4th quarter. Comerica Bank now owns 388,220 shares of the financial services provider’s stock worth $6,996,000 after acquiring an additional 48,386 shares in the last quarter. Finally, Strs Ohio increased its stake in KeyCorp by 1.2% in the fourth quarter. Strs Ohio now owns 196,350 shares of the financial services provider’s stock valued at $3,420,000 after acquiring an additional 2,410 shares during the last quarter. 82.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Angela G. Mago sold 5,352 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $19.95, for a total transaction of $106,772.40. Following the completion of the sale, the insider now directly owns 194,280 shares in the company, valued at $3,875,886. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Angela G. Mago sold 5,352 shares of the company’s 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 completion of the sale, the insider now directly owns 194,280 shares in the company, valued at $3,875,886. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Ann M. Gillis acquired 2,000 shares of the stock in a transaction on Tuesday, March 14th. The shares were bought at an average cost of $12.95 per share, for a total transaction of $25,900.00. Following the purchase, the director now directly owns 42,961 shares of the company’s stock, valued at approximately $556,344.95. The disclosure for this purchase can be found here. Company insiders own 0.54% of the company’s stock.

KeyCorp Price Performance

Shares of NYSE KEY opened at $12.12 on Tuesday. The business’s 50 day moving average price is $15.90 and its 200 day moving average price is $17.00. The firm has a market cap of $11.21 billion, a P/E ratio of 6.31, a P/E/G ratio of 1.12 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 posted its quarterly earnings data on Thursday, January 19th. The financial services provider reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.17). The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a net margin of 22.46% and a return on equity of 15.27%. During the same quarter last year, the firm earned $0.64 earnings per share. On average, sell-side analysts expect that KeyCorp will post 1.77 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. Shareholders of record on Tuesday, February 28th were issued a dividend of $0.205 per share. The ex-dividend date was Monday, February 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 6.77%. KeyCorp’s payout ratio is currently 42.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Royal Bank of Canada reduced their target price on KeyCorp from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 24th. Wells Fargo & Company lowered their price objective on KeyCorp from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, April 3rd. StockNews.com began coverage on shares of KeyCorp in a report on Thursday, March 16th. They set a “sell” rating on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of KeyCorp from $23.00 to $20.00 in a report on Friday, January 6th. Finally, Odeon Capital Group cut shares of KeyCorp from a “buy” rating to a “hold” rating in a report on Monday, March 13th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.37.

About KeyCorp

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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.