Rheos Capital Works Inc. Has $15.35 Million Stock Position in KeyCorp (NYSE:KEY)

Rheos Capital Works Inc. raised its position in KeyCorp (NYSE:KEY - Free Report) by 60.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 960,000 shares of the financial services provider's stock after purchasing an additional 360,000 shares during the period. KeyCorp comprises about 1.3% of Rheos Capital Works Inc.'s investment portfolio, making the stock its 29th largest position. Rheos Capital Works Inc. owned about 0.09% of KeyCorp worth $15,350,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. grew its position in shares of KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC purchased a new stake in KeyCorp in the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC purchased a new stake in KeyCorp in the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. acquired a new position in shares of KeyCorp during the 4th quarter valued at about $34,000. Finally, TCTC Holdings LLC lifted its holdings in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after acquiring an additional 611 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the completion of the transaction, the director now directly owns 37,177 shares of the company's stock, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mohit Ramani acquired 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The shares were acquired at an average price of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider now owns 10,000 shares in the company, valued at approximately $137,500. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.52% of the company's stock.

KeyCorp Stock Down 0.3%

Shares of KEY traded down $0.05 during midday trading on Monday, hitting $16.28. The company had a trading volume of 9,965,483 shares, compared to its average volume of 12,989,190. The stock has a market cap of $17.84 billion, a price-to-earnings ratio of -54.27, a PEG ratio of 0.65 and a beta of 1.09. The company's 50 day moving average price is $15.13 and its 200 day moving average price is $16.59. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same quarter in the prior year, the firm earned $0.20 EPS. On average, equities research analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its Board of Directors has approved a stock repurchase program on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, May 27th will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 5.04%. KeyCorp's payout ratio is currently -482.35%.

Analyst Ratings Changes

KEY has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on shares of KeyCorp in a report on Thursday, May 15th. They issued a "hold" rating and a $18.00 target price for the company. Wall Street Zen upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Citigroup restated a "buy" rating on shares of KeyCorp in a report on Thursday, April 17th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, Truist Financial reduced their target price on KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a report on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.86.

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.