AQR Capital Management LLC Increases 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 boosted its stake in KeyCorp (NYSE:KEY - Free Report) by 5.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 417,667 shares of the financial services provider's stock after acquiring 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.

Several other institutional investors have also added to or reduced their stakes in KEY. Fourth Dimension Wealth LLC bought a new stake in KeyCorp in the fourth quarter valued at approximately $28,000. Zions Bancorporation National Association UT bought a new stake in KeyCorp in the first quarter valued at approximately $28,000. Allworth Financial LP boosted its holdings in KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,543 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in KeyCorp in the first quarter valued at approximately $34,000. Finally, NBC Securities Inc. boosted its holdings 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 valued at $39,000 after acquiring an additional 2,478 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Andrew J. Paine III sold 44,953 shares of the firm's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the sale, the insider directly owned 245,044 shares of the company's stock, valued at $4,726,898.76. This trade represents a 15.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,102 shares of company stock valued at $3,299,664 in the last ninety days. 0.52% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on KEY shares. Baird R W cut KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target on the stock. in a report on Wednesday, July 2nd. Wells Fargo & Company increased their price target on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Truist Financial increased their price target on KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a report on Monday, July 28th. Finally, UBS Group upgraded KeyCorp from a "neutral" rating to a "buy" rating and increased their price target for the stock from $16.00 to $22.00 in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $19.39.

KeyCorp Stock Up 0.4%

NYSE KEY traded up $0.08 on Wednesday, reaching $18.71. The company had a trading volume of 29,317,442 shares, compared to its average volume of 27,473,530. The stock has a market capitalization of $20.52 billion, a P/E ratio of -267.29, a P/E/G ratio of 0.65 and a beta of 1.15. The company's fifty day moving average is $18.49 and its 200 day moving average is $16.71. KeyCorp has a 52-week low of $12.73 and a 52-week 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.

KeyCorp (NYSE:KEY - Get Free Report) last announced its 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 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 period last year, the firm posted $0.25 EPS. The business's revenue was up 20.6% compared to the same quarter last year. Sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.4%. KeyCorp's dividend payout ratio (DPR) is currently -1,171.43%.

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.