AQR Capital Management LLC Has $6.50 Million Stake in KeyCorp $KEY

Key Points

• AQR Capital Management LLC increased its stake in KeyCorp by 5.1%, holding 417,667 shares valued at approximately $6.50 million as of the end of the first quarter.
• Major institutional investors are significantly investing in KeyCorp, with Vanguard Group Inc. boosting its position by 7.2%, now owning over 125 million shares valued at $2 billion.
• KeyCorp recently reported earnings of $0.35 per share, exceeding analyst expectations, and announced a quarterly dividend of $0.205, reflecting a yield of 4.3%.

AQR Capital Management LLC grew its position in KeyCorp (NYSE:KEY - Free Report) by 5.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 417,667 shares of the financial services provider's stock after purchasing an additional 20,429 shares during the period. AQR Capital Management LLC's holdings in KeyCorp were worth $6,495,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in KeyCorp by 7.2% in the 1st 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 in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of KeyCorp by 40.4% during the 1st 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 in the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in shares of KeyCorp by 12.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 30,511,720 shares of the financial services provider's stock valued at $487,882,000 after purchasing an additional 3,327,972 shares during the last quarter. Invesco Ltd. lifted its position in shares of 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in KeyCorp by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 11,201,253 shares of the financial services provider's stock worth $179,084,000 after purchasing an additional 319,019 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. DA Davidson boosted their price target on shares of KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Baird R W lowered KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. TD Cowen started coverage on KeyCorp in a research report on Thursday, May 15th. They set a "hold" rating and a $18.00 price target for the company. Bank of America raised their price target on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company upped their price objective on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, KeyCorp currently has an average rating of "Hold" and a consensus target price of $19.39.

KeyCorp Stock Performance

NYSE:KEY opened at $19.17 on Friday. The stock has a 50 day simple moving average of $18.46 and a 200 day simple moving average of $16.66. The stock has a market cap of $21.02 billion, a P/E ratio of -273.86, a PEG ratio of 0.68 and a beta of 1.15. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter last year, the business earned $0.25 EPS. The company's quarterly revenue was up 20.6% compared to the same quarter last year. Research 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. Shareholders of record on Tuesday, September 2nd will be paid a $0.205 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a yield of 4.3%. KeyCorp's payout ratio is -1,171.43%.

Insider Buying and Selling at KeyCorp

In related news, insider Andrew J. Paine III sold 44,953 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total value of $867,143.37. Following the completion of the sale, the insider directly owned 245,044 shares in the company, valued at approximately $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 value of $317,390.00. Following the sale, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. This represents a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 174,102 shares of company stock valued at $3,299,664 in the last quarter. Company insiders own 0.52% 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.

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