Kodai Capital Management LP Has $45.35 Million Stock Holdings in KeyCorp $KEY

Key Points

• Kodai Capital Management LP increased its stake in KeyCorp by 13.5% in Q1 2023, owning 2,835,815 shares worth approximately $45.3 million, making it the firm's 10th largest holding.
• Several analysts have revised their price targets for KeyCorp, with DA Davidson raising it to $21.00 and Citigroup increasing it to $20.00, while the average rating remains a "Hold" with a target of $19.39.
• KeyCorp declared a quarterly dividend of $0.205 per share to be paid on September 15th, reflecting an annualized yield of 4.2%, despite a significant negative payout ratio.

Kodai Capital Management LP raised its holdings in KeyCorp (NYSE:KEY - Free Report) by 13.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,835,815 shares of the financial services provider's stock after acquiring an additional 337,565 shares during the quarter. KeyCorp comprises approximately 1.8% of Kodai Capital Management LP's holdings, making the stock its 10th largest position. Kodai Capital Management LP owned about 0.26% of KeyCorp worth $45,345,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in KEY. Price T Rowe Associates Inc. MD lifted its stake in KeyCorp by 40.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock valued at $814,756,000 after acquiring an additional 14,651,281 shares during the last quarter. Vanguard Group Inc. lifted its stake in KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after acquiring an additional 8,412,625 shares during the last quarter. Wellington Management Group LLP raised its position in shares of KeyCorp by 1,142.4% in the first quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock valued at $79,978,000 after purchasing an additional 4,599,197 shares during the period. Freestone Grove Partners LP bought a new position in shares of KeyCorp in the fourth quarter valued at approximately $63,540,000. Finally, Invesco Ltd. raised its position in shares of KeyCorp by 19.5% in the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock valued at $329,777,000 after purchasing an additional 3,363,421 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In other news, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction dated 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 approximately $11,691,219.70. This trade represents a 15.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the firm's stock in a transaction dated 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 $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 148,149 shares of company stock valued at $2,738,230. Company insiders own 0.52% of the company's stock.

KeyCorp Stock Performance

KeyCorp stock traded up $0.03 during trading hours on Monday, hitting $19.38. The stock had a trading volume of 21,339,876 shares, compared to its average volume of 25,522,346. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a market cap of $21.25 billion, a PE ratio of -276.91, a price-to-earnings-growth ratio of 0.68 and a beta of 1.15. The company has a 50-day moving average of $18.21 and a two-hundred day moving average of $16.56. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71.

KeyCorp (NYSE:KEY - Get Free Report) last issued its 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. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.KeyCorp's revenue was up 20.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 earnings per share. On average, equities research analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is presently -1,171.43%.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of recent analyst 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 lifted 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. Robert W. Baird lowered shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target on the stock. in a research report on Wednesday, July 2nd. Baird R W lowered shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Finally, Cowen initiated coverage on shares of KeyCorp in a research report on Wednesday, May 14th. They issued a "hold" rating on the stock. Ten analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, KeyCorp presently has an average rating of "Hold" and an average price target 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.