Trexquant Investment LP Makes New Investment in KeyCorp $KEY

Key Points

• Trexquant Investment LP acquired a significant stake in KeyCorp, purchasing 364,186 shares valued at approximately $5.8 million in the 1st quarter of 2023.
• Insider trading activity revealed that directors Trina M. Evans and Amy G. Brady sold shares totaling 36,000, indicating a decline in their ownership positions by 17.05% and 18.71%, respectively.
• KeyCorp recently reported a quarterly earnings per share of $0.35, surpassing analyst expectations, and announced a quarterly dividend of $0.205 per share, yielding 4.2% annually.

Trexquant Investment LP acquired a new position in KeyCorp (NYSE:KEY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 364,186 shares of the financial services provider's stock, valued at approximately $5,823,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of KEY. Fourth Dimension Wealth LLC bought a new position in KeyCorp in the fourth quarter worth approximately $28,000. Zions Bancorporation National Association UT bought a new position in KeyCorp in the first quarter worth approximately $28,000. Allworth Financial LP grew its stake in KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after purchasing an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC bought a new position in KeyCorp in the first quarter worth approximately $34,000. Finally, NBC Securities Inc. grew its stake in KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock worth $39,000 after purchasing an additional 2,478 shares in the last quarter. Institutional investors own 79.69% of the company's stock.

KeyCorp Stock Up 1.3%

Shares of KEY traded up $0.25 during midday trading on Thursday, hitting $19.20. 25,628,025 shares of the company's stock traded hands, compared to its average volume of 17,750,547. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The firm's fifty day moving average is $18.30 and its 200-day moving average is $16.59. 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 stock has a market capitalization of $21.05 billion, a price-to-earnings ratio of -274.21, a price-to-earnings-growth ratio of 0.68 and a beta of 1.15.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data 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. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the prior year, the business posted $0.25 EPS. The business's revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's dividend payout ratio is currently -1,171.43%.

Insider Activity

In related news, insider Amy G. Brady sold 19,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the transaction, the insider directly 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the transaction, the director directly owned 82,719 shares in the company, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,149 shares of company stock worth $2,738,230. Insiders own 0.52% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on KEY shares. DA Davidson increased their price objective on KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Truist Financial upped their target price on KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a report on Monday, July 28th. Cowen started coverage on KeyCorp in a report on Wednesday, May 14th. They set a "hold" rating for the company. Bank of America upped their target price on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Finally, Citigroup restated a "neutral" rating and set a $20.00 target price (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $19.39.

KeyCorp Company 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.