Infrastructure Capital Advisors LLC Grows Stock Holdings in KeyCorp (NYSE:KEY)

Posted by Defense World Staff on Sep 9th, 2023

Infrastructure Capital Advisors LLC raised its stake in KeyCorp (NYSE:KEY – Free Report) by 75.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,197 shares of the financial services provider’s stock after buying an additional 15,510 shares during the period. Infrastructure Capital Advisors LLC’s holdings in KeyCorp were worth $453,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in KEY. FMR LLC boosted its position in KeyCorp by 391.4% during the first quarter. FMR LLC now owns 20,763,994 shares of the financial services provider’s stock worth $259,965,000 after purchasing an additional 16,538,866 shares in the last quarter. BlackRock Inc. boosted its position in shares of KeyCorp by 10.3% in the 1st quarter. BlackRock Inc. now owns 89,759,881 shares of the financial services provider’s stock worth $1,123,794,000 after buying an additional 8,391,787 shares in the last quarter. Norges Bank acquired a new stake in KeyCorp in the 4th quarter valued at about $134,162,000. Federated Hermes Inc. increased its holdings in KeyCorp by 21.0% during the 1st quarter. Federated Hermes Inc. now owns 20,409,671 shares of the financial services provider’s stock valued at $255,529,000 after acquiring an additional 3,544,491 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of KeyCorp by 21.1% in the fourth quarter. Morgan Stanley now owns 13,978,186 shares of the financial services provider’s stock valued at $243,500,000 after purchasing an additional 2,435,443 shares in the last quarter. 77.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Barclays cut their price objective on KeyCorp from $15.00 to $13.00 in a research report on Tuesday, June 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $10.00 price objective on shares of KeyCorp in a research note on Friday, July 21st. The Goldman Sachs Group boosted their target price on shares of KeyCorp from $11.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, July 21st. JPMorgan Chase & Co. raised shares of KeyCorp from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $11.50 to $13.50 in a research note on Wednesday, August 2nd. Finally, Citigroup upped their price objective on shares of KeyCorp from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, July 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.60.

Read Our Latest Stock Report on KEY

Insiders Place Their Bets

In related news, Director Devina A. Rankin bought 10,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was acquired at an average price of $11.49 per share, for a total transaction of $114,900.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $114,900. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.61% of the stock is currently owned by insiders.

KeyCorp Stock Up 3.3 %

Shares of NYSE:KEY opened at $11.25 on Friday. KeyCorp has a 1 year low of $8.53 and a 1 year high of $20.30. The stock has a 50-day simple moving average of $11.07 and a 200-day simple moving average of $11.54. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $10.53 billion, a P/E ratio of 7.50, a PEG ratio of 2.02 and a beta of 1.26.

KeyCorp (NYSE:KEY – Get Free Report) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.05). KeyCorp had a return on equity of 13.78% and a net margin of 14.93%. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the prior year, the firm earned $0.54 earnings per share. KeyCorp’s quarterly revenue was down 11.0% compared to the same quarter last year. Equities analysts forecast that KeyCorp will post 1.27 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 7.29%. The ex-dividend date of this dividend is Monday, August 28th. KeyCorp’s dividend payout ratio (DPR) is presently 54.67%.

KeyCorp Company Profile

(Free Report)

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.