iSAM Funds UK Ltd Invests $3.98 Million in KeyCorp $KEY

Key Points

• iSAM Funds UK Ltd bought a new stake of 213,016 KeyCorp shares (~$3.98M) in Q3, making KEY its 20th-largest holding (0.8%), while other institutions like Marshall Wace added large positions and institutional ownership now stands at ~79.7%.
• Analysts show a consensus rating of Moderate Buy with a $23.03 consensus target price (12 Buys, 7 Holds, 1 Sell), and several firms including Goldman Sachs, Jefferies and Argus recently raised targets or ratings.
• KeyCorp beat Q results with $0.41 EPS vs. $0.39 expected and revenue up 131.8% year-over-year, announced a quarterly dividend yielding about 4.3%, while insiders sold roughly 161,506 shares in the last quarter.

iSAM Funds UK Ltd purchased a new stake in shares of KeyCorp (NYSE:KEY - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 213,016 shares of the financial services provider's stock, valued at approximately $3,981,000. KeyCorp accounts for 0.8% of iSAM Funds UK Ltd's holdings, making the stock its 20th biggest position.

A number of other large investors have also added to or reduced their stakes in the stock. Marshall Wace LLP increased its stake in shares of KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider's stock worth $44,821,000 after purchasing an additional 2,463,880 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in KeyCorp by 2.7% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider's stock valued at $37,641,000 after purchasing an additional 53,682 shares during the last quarter. Synovus Financial Corp bought a new position in KeyCorp during the third quarter valued at $2,253,000. Prudential Financial Inc. grew its holdings in KeyCorp by 9.9% during the second quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider's stock valued at $10,018,000 after purchasing an additional 51,705 shares during the period. Finally, HoldCo Asset Management LP purchased a new stake in KeyCorp in the second quarter worth $86,995,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings upgraded KeyCorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, February 25th. The Goldman Sachs Group increased their price target on KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, January 21st. Wells Fargo & Company set a $18.00 price objective on KeyCorp and gave the stock an "underperform" rating in a report on Tuesday, January 6th. Jefferies Financial Group upped their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company a "hold" rating in a report on Wednesday, December 10th. Finally, Argus increased their target price on shares of KeyCorp from $21.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.03.

KeyCorp Stock Down 1.8%

KEY stock opened at $18.88 on Friday. The stock has a 50-day simple moving average of $21.31 and a two-hundred day simple moving average of $19.67. KeyCorp has a twelve month low of $12.73 and a twelve month high of $23.34. The firm has a market capitalization of $20.57 billion, a PE ratio of 12.42, a PEG ratio of 0.57 and a beta of 1.08. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The company had revenue of $5.45 billion during the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. KeyCorp's revenue was up 131.8% compared to the same quarter last year. During the same period last year, the business earned $0.30 earnings per share. On average, equities analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.82 annualized dividend and a dividend yield of 4.3%. KeyCorp's dividend payout ratio is presently 53.95%.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares of the company's stock, valued at approximately $5,633,493.25. This trade represents a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Paine III sold 65,961 shares of the business's stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the transaction, the insider owned 166,583 shares of the company's stock, valued at approximately $3,869,723.09. The trade was a 28.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 161,506 shares of company stock worth $3,597,481. Corporate insiders own 0.52% of the company's stock.

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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