Family Firm Inc. Makes New $63,000 Investment in KeyCorp (NYSE:KEY)

Family Firm Inc. bought a new stake in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,416 shares of the financial services provider’s stock, valued at approximately $63,000.

Several other institutional investors have also bought and sold shares of the stock. Louisiana State Employees Retirement System purchased a new position in KeyCorp during the 4th quarter worth $815,000. abrdn plc raised its holdings in shares of KeyCorp by 70.1% in the fourth quarter. abrdn plc now owns 390,946 shares of the financial services provider’s stock valued at $5,630,000 after purchasing an additional 161,059 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of KeyCorp during the fourth quarter valued at about $184,000. Harvest Fund Management Co. Ltd boosted its holdings in KeyCorp by 15,192.5% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 8,105 shares of the financial services provider’s stock worth $117,000 after purchasing an additional 8,052 shares during the last quarter. Finally, PL Capital Advisors LLC grew its position in KeyCorp by 178.5% in the 4th quarter. PL Capital Advisors LLC now owns 152,900 shares of the financial services provider’s stock worth $2,202,000 after purchasing an additional 98,000 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Price Performance

Shares of NYSE KEY opened at $17.07 on Friday. The stock has a fifty day moving average of $15.07 and a 200-day moving average of $14.76. The stock has a market cap of $16.10 billion, a PE ratio of 21.61, a price-to-earnings-growth ratio of 0.91 and a beta of 1.26. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. KeyCorp has a fifty-two week low of $9.50 and a fifty-two week high of $17.20.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that KeyCorp will post 1.09 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.80%. The ex-dividend date of this dividend is Tuesday, August 27th. KeyCorp’s payout ratio is 103.80%.

Analyst Ratings Changes

Several research firms have commented on KEY. Morgan Stanley lifted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. UBS Group cut KeyCorp from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $16.00 to $15.00 in a research report on Monday, July 8th. Jefferies Financial Group raised their target price on KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Wedbush lifted their target price on KeyCorp from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $17.00 price target on shares of KeyCorp in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and an average target price of $16.65.

Insider Activity

In related news, Director Carlton L. Highsmith sold 10,000 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $16.21, for a total value of $162,100.00. Following the sale, the director now owns 46,864 shares in the company, valued at $759,665.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.61% of the company’s stock.

KeyCorp Profile

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; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.