Jefferies Financial Group Inc. Buys New Shares in KeyCorp (NYSE:KEY)

Key Points

• Jefferies Financial Group Inc. has acquired a new position in KeyCorp, purchasing 47,286 shares valued at approximately $756,000.
• In recent performance, KeyCorp reported earnings of $0.35 per share, exceeding expectations, with revenues reaching $1.84 billion for the quarter, marking a 20.6% increase compared to the previous year.
• The company announced a quarterly dividend of $0.205 per share, scheduled for payment on September 15th, resulting in an annualized yield of 4.7%.

Jefferies Financial Group Inc. purchased a new stake in KeyCorp (NYSE:KEY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 47,286 shares of the financial services provider's stock, valued at approximately $756,000.

Other hedge funds also recently made changes to their positions in the company. Fourth Dimension Wealth LLC bought a new position in KeyCorp during the 4th quarter worth approximately $28,000. FSC Wealth Advisors LLC bought a new position in KeyCorp during the first quarter worth $34,000. Allworth Financial LP raised its stake in KeyCorp by 246.9% during the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after buying an additional 1,543 shares during the last quarter. Optiver Holding B.V. bought a new stake in KeyCorp during the fourth quarter valued at $42,000. Finally, NBC Securities Inc. boosted its position in KeyCorp by 123,900.0% during 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 Buying and Selling

In related news, Director Carlton L. Highsmith sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the completion of the transaction, the director owned 37,177 shares of the company's stock, valued at approximately $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Amy G. Brady sold 19,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the transaction, the insider directly owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 153,149 shares of company stock valued at $2,821,230. Corporate insiders own 0.52% of the company's stock.

KeyCorp Stock Performance

Shares of KEY traded down $0.11 during mid-day trading on Thursday, hitting $17.39. The stock had a trading volume of 20,231,164 shares, compared to its average volume of 33,329,908. The business has a fifty day moving average price of $17.34 and a 200-day moving average price of $16.48. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The firm has a market cap of $19.05 billion, a P/E ratio of 12.86, a PEG ratio of 0.62 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The company had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. During the same period in the prior year, the company posted $0.25 EPS. KeyCorp's revenue was up 20.6% compared to the same quarter last year. On average, equities research analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.7%. KeyCorp's dividend payout ratio is currently -1,171.43%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KEY. Wall Street Zen upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a research note on Monday, April 21st. Jefferies Financial Group assumed coverage on KeyCorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 target price for the company. 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. Barclays decreased their price objective on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, TD Cowen started coverage on KeyCorp in a report on Thursday, May 15th. They issued a "hold" rating and a $18.00 target price on the stock. Twelve analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $19.39.

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.