Prospector Partners LLC Raises Stock Holdings in KeyCorp (NYSE:KEY)

Key Points

• Prospector Partners LLC increased its stake in KeyCorp by 20.5%, now owning 957,409 shares worth approximately $15.3 million, making it the fund's 21st largest position.
• KeyCorp recently reported $0.35 earnings per share, surpassing analyst expectations and showing a 20.6% year-over-year revenue growth to $1.84 billion.
• The company declared a quarterly dividend of $0.205 per share with an annualized yield of 4.5%, expected to be paid on September 15th.

Prospector Partners LLC boosted its position in KeyCorp (NYSE:KEY - Free Report) by 20.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 957,409 shares of the financial services provider's stock after buying an additional 162,769 shares during the quarter. KeyCorp makes up about 1.7% of Prospector Partners LLC's holdings, making the stock its 21st largest position. Prospector Partners LLC owned about 0.09% of KeyCorp worth $15,309,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Integrated Wealth Concepts LLC boosted its stake in KeyCorp by 2.6% during the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock valued at $423,000 after buying an additional 631 shares during the period. AlphaCore Capital LLC raised its position in KeyCorp by 5.2% during the first quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider's stock valued at $212,000 after purchasing an additional 651 shares in the last quarter. SBI Securities Co. Ltd. raised its position in KeyCorp by 34.0% during the first quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 671 shares in the last quarter. Centaurus Financial Inc. raised its position in KeyCorp by 11.2% during the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock valued at $124,000 after purchasing an additional 728 shares in the last quarter. Finally, Capital Advisors Ltd. LLC raised its position in KeyCorp by 44.1% during the first quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 766 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Down 1.4%

Shares of NYSE:KEY opened at $18.05 on Friday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a market cap of $19.79 billion, a PE ratio of -257.86, a P/E/G ratio of 0.64 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. The stock's 50-day moving average is $17.60 and its 200 day moving average is $16.48.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the previous year, the business earned $0.25 EPS. KeyCorp's revenue was up 20.6% compared to the same quarter last year. Sell-side analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 yield of 4.5%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's payout ratio is currently -1,171.43%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on KEY. Barclays lowered their price target on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Evercore ISI set a $17.00 price target on KeyCorp in a research report on Monday, April 28th. Cowen began coverage on KeyCorp in a research report on Wednesday, May 14th. They set a "hold" rating on the stock. Bank of America raised their price target on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Finally, DA Davidson raised their price target on KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $19.39.

Insider Activity at KeyCorp

In related news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the transaction, the insider owned 82,523 shares in the company, valued at $1,327,795.07. The trade was a 18.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer owned 619,895 shares in the company, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,149 shares of company stock worth $2,738,230 in the last 90 days. Company insiders own 0.52% of the company's stock.

KeyCorp 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.

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