Quantitative Investment Management LLC Takes $2.34 Million Position in KeyCorp $KEY

Key Points

• Quantitative Investment Management LLC acquired 101,430 KeyCorp shares worth approximately $2.34 million in the second quarter. Institutional investors and hedge funds collectively own 79.69% of the company.
• KeyCorp reported quarterly earnings of $0.44 per share, exceeding estimates of $0.42, while revenue rose 6.7% year over year to $1.96 billion. Shares recently opened at $21.91, within a 52-week range of $16.47 to $24.07.
• The bank authorized a $3 billion share-buyback plan covering up to 13% of outstanding shares and declared a quarterly dividend of $0.205 per share, representing a 3.7% annualized yield. Analysts currently assign the stock a “Moderate Buy” consensus rating.

Quantitative Investment Management LLC acquired a new position in KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 101,430 shares of the financial services provider's stock, valued at approximately $2,337,000.

Several other large investors have also recently bought and sold shares of the stock. North Reef Capital Management LP bought a new position in shares of KeyCorp during the 1st quarter worth about $253,632,000. Jefferies Financial Group Inc. boosted its holdings in shares of KeyCorp by 62.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider's stock worth $4,552,000 after acquiring an additional 84,497 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of KeyCorp by 14.8% during the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider's stock worth $115,638,000 after purchasing an additional 721,421 shares during the last quarter. Mattson Financial Services LLC increased its position in KeyCorp by 298.1% in the 4th quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider's stock valued at $1,564,000 after acquiring an additional 56,736 shares in the last quarter. Finally, Swiss Life Asset Management Ltd increased its holdings in shares of KeyCorp by 72.4% in the fourth quarter. Swiss Life Asset Management Ltd now owns 2,287,205 shares of the financial services provider's stock valued at $47,208,000 after purchasing an additional 960,625 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Performance

Shares of KEY stock opened at $21.91 on Monday. The stock has a market cap of $23.38 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The stock has a 50-day moving average of $22.85 and a 200-day moving average of $21.76. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a one year low of $16.47 and a one year high of $24.07.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. KeyCorp's quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.35 EPS. As a group, sell-side analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp announced that its board has approved a share buyback plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio (DPR) is currently 47.67%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on KEY. Argus upgraded KeyCorp to a "strong-buy" rating in a research report on Wednesday, July 29th. Weiss Ratings restated a "buy (b)" rating on shares of KeyCorp in a research report on Friday, August 7th. TD Cowen reiterated a "buy" rating and set a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. DA Davidson reaffirmed a "buy" rating and issued a $28.00 price objective on shares of KeyCorp in a research note on Wednesday, July 22nd. Finally, Truist Financial lifted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $49.14.

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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