Strs Ohio Takes Position in KeyCorp $KEY

Key Points

• Strs Ohio invested approximately $1.43 million in KeyCorp by acquiring 89,465 shares of the financial services provider during the first quarter.
• KeyCorp reported strong financial results with an earnings per share (EPS) of $0.35, exceeding estimates and marking a 20.6% increase in revenue year-over-year.
• The company recently declared a quarterly dividend of $0.205 per share, reflecting an annualized yield of 4.4%.

Strs Ohio purchased a new stake in KeyCorp (NYSE:KEY - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 89,465 shares of the financial services provider's stock, valued at approximately $1,431,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Sequoia Financial Advisors LLC raised its position in KeyCorp by 4.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider's stock worth $1,101,000 after buying an additional 3,145 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in KeyCorp during the 1st quarter worth $2,171,000. Cambridge Investment Research Advisors Inc. raised its position in KeyCorp by 31.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider's stock worth $1,787,000 after buying an additional 26,615 shares during the last quarter. AQR Capital Management LLC raised its position in KeyCorp by 5.1% during the 1st quarter. AQR Capital Management LLC now owns 417,667 shares of the financial services provider's stock worth $6,495,000 after buying an additional 20,429 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in KeyCorp by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,356,598 shares of the financial services provider's stock worth $117,632,000 after buying an additional 172,151 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the transaction, the director 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Andrew J. Paine III sold 44,953 shares of KeyCorp stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the transaction, the insider directly owned 245,044 shares of the company's stock, valued at approximately $4,726,898.76. This represents a 15.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 174,102 shares of company stock valued at $3,299,664. 0.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on KEY shares. Citigroup reiterated a "neutral" rating and issued a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. UBS Group upgraded shares of KeyCorp from a "neutral" rating to a "buy" rating and increased their price target for the company from $16.00 to $22.00 in a report on Tuesday, July 8th. DA Davidson increased their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Truist Financial increased their price target on shares of KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a report on Monday, July 28th. Finally, Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a report on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, KeyCorp presently has an average rating of "Hold" and an average target price of $19.39.

KeyCorp Trading Down 0.4%

NYSE KEY traded down $0.07 during mid-day trading on Friday, hitting $19.06. The company's stock had a trading volume of 43,882,863 shares, compared to its average volume of 28,256,746. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The stock's fifty day simple moving average is $18.52 and its two-hundred day simple moving average is $16.75. 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 firm has a market capitalization of $20.90 billion, a P/E ratio of -272.29, a price-to-earnings-growth ratio of 0.67 and a beta of 1.15.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business's quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 earnings per share. Research analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.3%. KeyCorp's dividend payout ratio (DPR) is presently -1,171.43%.

KeyCorp Company 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.