Alyeska Investment Group L.P. Has $106.05 Million Stake in KeyCorp $KEY

Key Points

• Alyeska Investment Group increased its KeyCorp stake by 173.2% to 4.6 million shares, valued at approximately $106.1 million. Institutional investors collectively own 79.69% of the company.
• KeyCorp reported quarterly earnings of $0.44 per share, beating estimates by $0.02, while revenue rose 6.7% year over year to $1.96 billion. Analysts have assigned the stock a “Moderate Buy” consensus rating with an average price target of $49.14.
• The company authorized a $3 billion share-repurchase program, allowing it to buy back up to 13% of outstanding shares, and declared a quarterly dividend of $0.205 per share, implying a 3.7% annualized yield.

Alyeska Investment Group L.P. lifted its holdings in KeyCorp (NYSE:KEY - Free Report) by 173.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,600,968 shares of the financial services provider's stock after acquiring an additional 2,916,955 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.43% of KeyCorp worth $106,052,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Bank of Nova Scotia bought a new stake in KeyCorp during the 2nd quarter worth about $3,636,436,000. BlackRock Inc. bought a new position in shares of KeyCorp in the second quarter worth about $2,039,113,000. Wellington Management Group LLP raised its stake in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of KeyCorp during the second quarter worth approximately $380,244,000. Finally, Norges Bank acquired a new position in shares of KeyCorp during the fourth quarter worth approximately $262,688,000. 79.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on KEY. Morgan Stanley upped their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Susquehanna lifted their target price on KeyCorp from $300.00 to $415.00 and gave the company a "positive" rating in a research note on Monday, May 18th. TD Cowen restated a "buy" rating and set a $68.00 target price on shares of KeyCorp in a research report on Tuesday, June 23rd. Royal Bank Of Canada upped their price target on KeyCorp from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Finally, Truist Financial raised their price target on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $49.14.

KeyCorp Stock Down 0.5%

Shares of KeyCorp stock opened at $21.91 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. The business has a fifty day simple moving average of $22.85 and a 200 day simple moving average of $21.77. The stock has a market cap of $23.38 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company's quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Research analysts predict that KeyCorp will post 1.83 EPS for the current year.

KeyCorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio is presently 47.67%.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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