38,300 Shares in KeyCorp $KEY Purchased by CTC Alternative Strategies Ltd.

Key Points

• CTC Alternative Strategies Ltd. purchased 38,300 shares of KeyCorp for approximately $612,000 in the first quarter.
• KeyCorp reported a quarterly earnings per share (EPS) of $0.35, beating expectations and showing a 20.6% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.205 per share, representing a yield of 4.3%, with the ex-dividend date set for September 2nd.

CTC Alternative Strategies Ltd. purchased a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 38,300 shares of the financial services provider's stock, valued at approximately $612,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in KEY. Price T Rowe Associates Inc. MD boosted its holdings 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 purchasing an additional 14,651,281 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 last quarter. Wellington Management Group LLP boosted 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 valued at $79,978,000 after acquiring an additional 4,599,197 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in KeyCorp in the first quarter valued at about $60,194,000. Finally, Invesco Ltd. boosted 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 valued at $329,777,000 after acquiring an additional 3,363,421 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

NYSE KEY opened at $18.94 on Monday. The company's 50 day moving average is $18.37 and its 200-day moving average is $16.59. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The firm has a market cap of $20.76 billion, a P/E ratio of -270.50, a price-to-earnings-growth ratio of 0.67 and a beta of 1.15.

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

KeyCorp Dividend Announcement

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

Insider Buying and Selling

In related news, insider Amy G. Brady sold 19,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the sale, the insider owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. This represents a 18.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the sale, the chief executive officer directly owned 619,895 shares in the company, valued at $11,691,219.70. This trade represents a 15.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,149 shares of company stock valued at $2,738,230. Company insiders own 0.52% of the company's stock.

Analysts Set New Price Targets

KEY has been the topic of a number of research analyst reports. Cowen initiated coverage on shares of KeyCorp in a research note on Wednesday, May 14th. They issued a "hold" rating on the stock. Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Bank of America boosted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Wells Fargo & Company boosted their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, UBS Group upgraded shares of KeyCorp from a "neutral" rating to a "buy" rating and boosted their target price for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, KeyCorp presently has an average rating of "Hold" and a consensus price target of $19.39.

About KeyCorp

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.

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