Assenagon Asset Management S.A. Has $48.66 Million Stake in KeyCorp $KEY

Key Points

• Assenagon Asset Management dramatically increased its stake in KeyCorp, boosting its holdings by 5,595.7% in the first quarter to 2.43 million shares worth about $48.66 million.
• KeyCorp reported solid quarterly results, with earnings of $0.44 per share topping estimates and revenue rising 10.2% year over year to $1.95 billion.
• The bank continues to return capital to shareholders through a $0.205 quarterly dividend and a newly authorized $3 billion stock buyback program; analysts currently rate the stock a Moderate Buy.

Assenagon Asset Management S.A. grew its position in KeyCorp (NYSE:KEY - Free Report) by 5,595.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,426,699 shares of the financial services provider's stock after acquiring an additional 2,384,093 shares during the period. Assenagon Asset Management S.A. owned 0.23% of KeyCorp worth $48,655,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC acquired a new stake in KeyCorp during the 4th quarter valued at $476,000. Woodline Partners LP raised its holdings in shares of KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after buying an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after buying an additional 1,890 shares during the last quarter. Cresset Asset Management LLC lifted its position in KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock worth $263,000 after buying an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new position in KeyCorp during the 2nd quarter worth about $186,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Stock Up 1.2%

Shares of KeyCorp stock opened at $23.39 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 12 month low of $16.47 and a 12 month high of $23.72. The business has a fifty day simple moving average of $21.84 and a 200 day simple moving average of $21.24. The stock has a market cap of $25.24 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. The firm's revenue was up 10.2% on a year-over-year basis. Research analysts predict that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. KeyCorp's dividend payout ratio is 50.31%.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on KEY shares. Truist Financial raised their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a research report on Wednesday. Jefferies Financial Group upped their target price on shares of KeyCorp from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, April 17th. DA Davidson increased their price target on shares of KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Piper Sandler raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Finally, The Goldman Sachs Group boosted their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $46.50.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by company insiders.

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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