KeyCorp $KEY Shares Bought by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its KeyCorp stake by 141.1% in the first quarter, bringing its holdings to 275,913 shares valued at approximately $5.53 million. Institutional investors and hedge funds collectively own 79.69% of the company.
• KeyCorp reported quarterly EPS of $0.44, beating estimates of $0.42, while revenue rose 6.7% year over year to $1.96 billion. Analysts’ consensus rating is “Moderate Buy.”
• The bank declared a quarterly dividend of $0.205 per share, equivalent to a 3.6% annual yield, and authorized a $3 billion share-repurchase program covering up to 13% of outstanding shares.

Arrowstreet Capital Limited Partnership raised its position in shares of KeyCorp (NYSE:KEY - Free Report) by 141.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 275,913 shares of the financial services provider's stock after purchasing an additional 161,473 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in KeyCorp were worth $5,532,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of KEY. Brighton Jones LLC acquired a new position in KeyCorp in the 4th quarter worth approximately $476,000. Woodline Partners LP increased its stake 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 worth $1,346,000 after acquiring an additional 24,627 shares during the period. EverSource Wealth Advisors LLC increased its stake 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 worth $90,000 after acquiring an additional 1,890 shares during the period. Cresset Asset Management LLC raised its holdings in shares of KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock worth $263,000 after purchasing an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of KeyCorp during the second quarter worth $186,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

KEY has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a research report on Monday, July 6th. Morgan Stanley increased their price target on KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Piper Sandler lifted their price objective on KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Wall Street Zen cut KeyCorp from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, The Goldman Sachs Group upped their target price on KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.14.

KeyCorp Trading Up 0.1%

Shares of KeyCorp stock opened at $22.61 on Monday. The firm has a 50-day simple moving average of $22.60 and a two-hundred day simple moving average of $21.64. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The company has a market cap of $24.40 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 0.74 and a beta of 1.03.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company's quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the firm earned $0.35 EPS. As a group, equities analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.205 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. KeyCorp's payout ratio is 47.67%.

KeyCorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insider Activity at KeyCorp

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

KeyCorp Profile

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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