TCW Group Inc. Takes $235,000 Position in KeyCorp (NYSE:KEY)

Key Points

• TCW Group Inc. has made a $235,000 investment in KeyCorp by purchasing 14,688 shares in the first quarter of the year.
• KeyCorp's quarterly earnings surpassed estimates, reporting $0.35 earnings per share, which is an improvement from the previous year’s $0.25.
• The firm announced a quarterly dividend of $0.205 per share, resulting in an annualized dividend yield of 4.46%, with a significant negative payout ratio of -1,171.43%.

TCW Group Inc. purchased a new position in KeyCorp (NYSE:KEY - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 14,688 shares of the financial services provider's stock, valued at approximately $235,000.

A number of other hedge funds have also bought and sold shares of KEY. Brighton Jones LLC acquired a new position in KeyCorp in the fourth quarter worth about $476,000. American Century Companies Inc. grew its stake in KeyCorp by 0.4% in the fourth quarter. American Century Companies Inc. now owns 444,371 shares of the financial services provider's stock worth $7,617,000 after purchasing an additional 1,944 shares in the last quarter. LPL Financial LLC grew its stake in KeyCorp by 22.4% in the fourth quarter. LPL Financial LLC now owns 931,782 shares of the financial services provider's stock worth $15,971,000 after purchasing an additional 170,779 shares in the last quarter. Norges Bank acquired a new position in KeyCorp in the fourth quarter worth about $153,235,000. Finally, Nomura Asset Management Co. Ltd. grew its stake in KeyCorp by 0.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 304,947 shares of the financial services provider's stock worth $5,227,000 after purchasing an additional 1,088 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the transaction, the director owned 37,177 shares of the company's stock, valued at approximately $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the company's 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 directly owned 82,719 shares in the company, valued at $1,544,363.73. This represents a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 153,149 shares of company stock worth $2,821,230 in the last three months. 0.52% of the stock is currently owned by company insiders.

KeyCorp Stock Performance

Shares of NYSE KEY traded down $0.29 during midday trading on Friday, hitting $17.63. 52,085,775 shares of the company's stock were exchanged, compared to its average volume of 16,522,004. 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 price is $17.18 and its 200-day moving average price is $16.49. The firm has a market cap of $19.32 billion, a P/E ratio of -251.86, a PEG ratio of 0.64 and a beta of 1.11. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter in the previous year, the company earned $0.25 earnings per share. The firm's quarterly revenue was up 20.6% compared to the same quarter last year. Equities research analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a yield of 4.7%. KeyCorp's payout ratio is presently -1,171.43%.

Wall Street Analyst Weigh In

KEY has been the topic of a number of recent research reports. Cowen initiated coverage on shares of KeyCorp in a report on Wednesday, May 14th. They issued a "hold" rating on the stock. Royal Bank Of Canada reissued an "outperform" rating on shares of KeyCorp in a report on Thursday, April 17th. DA Davidson raised their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Wall Street Zen raised shares of KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Finally, Morgan Stanley reissued an "equal weight" rating on shares of KeyCorp in a report on Thursday, April 17th. Twelve equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus 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.