Quantitative Investment Management LLC Makes New $383,000 Investment in KeyCorp $KEY

Key Points

• Quantitative Investment Management LLC has acquired a new position in KeyCorp, purchasing 23,970 shares valued at approximately $383,000 in the first quarter.
• KeyCorp reported a quarterly earnings per share (EPS) of $0.35, exceeding analysts' expectations, with revenue rising 20.6% year-over-year to $1.84 billion.
• The firm announced a quarterly dividend of $0.205 per share, reflecting an annualized yield of 4.3% for shareholders of record as of September 2nd.

Quantitative Investment Management LLC acquired a new stake in shares of KeyCorp (NYSE:KEY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 23,970 shares of the financial services provider's stock, valued at approximately $383,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in KeyCorp by 40.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock worth $814,756,000 after acquiring an additional 14,651,281 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after acquiring an additional 8,412,625 shares during the period. Wellington Management Group LLP lifted its stake in KeyCorp by 1,142.4% in the first quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock worth $79,978,000 after purchasing an additional 4,599,197 shares during the last quarter. Freestone Grove Partners LP bought a new stake in KeyCorp in the fourth quarter worth about $63,540,000. Finally, Invesco Ltd. lifted its stake in KeyCorp by 19.5% in the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock worth $329,777,000 after purchasing an additional 3,363,421 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on KEY. Citigroup reissued a "neutral" rating and issued a $20.00 price objective (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Truist Financial lifted their price objective on shares of KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Monday, July 28th. Cowen began coverage on shares of KeyCorp in a report on Wednesday, May 14th. They issued a "hold" rating on the stock. Jefferies Financial Group started coverage on shares of KeyCorp in a research note on Wednesday, May 21st. They set a "hold" rating and a $18.00 price objective for the company. Finally, Bank of America boosted their price objective on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a report on Monday, June 16th. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, KeyCorp presently has a consensus rating of "Hold" and a consensus price target of $19.39.

Insider Activity

In other news, insider Amy G. Brady sold 19,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares of the company's stock, valued at $1,327,795.07. This represents a 18.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director directly owned 82,719 shares of the company's stock, valued at $1,544,363.73. The trade was a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,149 shares of company stock valued at $2,738,230 in the last 90 days. Company insiders own 0.52% of the company's stock.

KeyCorp Price Performance

KEY stock traded up $0.03 during mid-day trading on Friday, reaching $19.38. The company's stock had a trading volume of 21,339,876 shares, compared to its average volume of 17,612,955. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The company's 50 day moving average is $18.15 and its two-hundred day moving average is $16.56. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The stock has a market cap of $21.25 billion, a PE ratio of -276.91, a P/E/G ratio of 0.69 and a beta of 1.13.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The business's revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 earnings per share. Equities research analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.2%. KeyCorp's dividend payout ratio is -1,171.43%.

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.