KeyCorp $KEY Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in KeyCorp by 2.9%, now holding over 11 million shares valued at $179 million.
• KeyCorp reported a quarterly EPS of $0.35, surpassing expectations, with a revenue increase of 20.6% year-over-year.
• The company announced a quarterly dividend of $0.205 per share, with an upcoming payment date of September 15th.

Dimensional Fund Advisors LP raised its stake in KeyCorp (NYSE:KEY - Free Report) by 2.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,201,253 shares of the financial services provider's stock after buying an additional 319,019 shares during the period. Dimensional Fund Advisors LP owned approximately 1.02% of KeyCorp worth $179,084,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC purchased a new position in KeyCorp in the fourth quarter valued at about $28,000. Zions Bancorporation National Association UT purchased a new position in KeyCorp in the first quarter valued at about $28,000. FSC Wealth Advisors LLC acquired a new stake in shares of KeyCorp in the first quarter valued at approximately $34,000. Allworth Financial LP grew its position in shares of 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 purchasing an additional 1,543 shares during the last quarter. Finally, Optiver Holding B.V. acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $42,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other KeyCorp news, 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 transaction of $2,115,130.14. Following the completion of the transaction, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. This trade represents a 15.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director directly owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. This represents a 17.05% decrease in their ownership of the stock. 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.

KeyCorp Trading Up 4.6%

NYSE KEY traded up $0.8430 during mid-day trading on Friday, reaching $18.9930. 37,059,878 shares of the stock were exchanged, compared to its average volume of 30,055,172. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The business's fifty day simple moving average is $17.82 and its 200 day simple moving average is $16.51. The stock has a market capitalization of $20.83 billion, a PE ratio of -271.33, a PEG ratio of 0.64 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. KeyCorp's revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the business earned $0.25 EPS. On average, research 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 will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is currently -1,171.43%.

Wall Street Analyst Weigh In

KEY has been the topic of several research reports. Jefferies Financial Group initiated coverage on shares of KeyCorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price target on the stock. DA Davidson increased their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Citigroup reiterated a "neutral" rating and issued a $20.00 price target (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. UBS Group upgraded shares of KeyCorp from a "neutral" rating to a "buy" rating and increased their price target for the company from $16.00 to $22.00 in a research report on Tuesday, July 8th. Finally, TD Cowen initiated coverage on shares of KeyCorp in a research report on Thursday, May 15th. They issued a "hold" rating and a $18.00 price target on the stock. Ten analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $19.39.

KeyCorp Company 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.