Teacher Retirement System of Texas Invests $2.17 Million in KeyCorp (NYSE:KEY)

Teacher Retirement System of Texas bought a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 135,800 shares of the financial services provider's stock, valued at approximately $2,171,000.

A number of other hedge funds have also recently bought and sold shares of KEY. Brighton Jones LLC acquired a new position in KeyCorp during the fourth quarter worth about $476,000. SBI Securities Co. Ltd. acquired a new position in shares of KeyCorp in the 4th quarter valued at $34,000. Steward Partners Investment Advisory LLC boosted its position in shares of KeyCorp by 6.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 29,876 shares of the financial services provider's stock valued at $512,000 after purchasing an additional 1,775 shares during the period. Assetmark Inc. boosted its position in shares of KeyCorp by 2,232.5% in the 4th quarter. Assetmark Inc. now owns 21,132 shares of the financial services provider's stock valued at $362,000 after purchasing an additional 20,226 shares during the period. Finally, M&T Bank Corp boosted its position in shares of KeyCorp by 15.4% in the 4th quarter. M&T Bank Corp now owns 50,208 shares of the financial services provider's stock valued at $861,000 after purchasing an additional 6,701 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity at KeyCorp

In other KeyCorp news, insider Mohit Ramani purchased 10,000 shares of the company's stock in a transaction on Monday, April 21st. The shares were bought at an average cost of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider directly owned 10,000 shares in the company, valued at approximately $137,500. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction that occurred 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 completion of the transaction, the director directly owned 37,177 shares in the company, valued at approximately $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

KEY has been the subject of a number of recent analyst reports. UBS Group upgraded 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 research report on Tuesday. Robert W. Baird lowered KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a research report on Wednesday, July 2nd. Barclays decreased their price target on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company 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. Finally, TD Cowen initiated coverage on KeyCorp in a research report on Thursday, May 15th. They issued a "hold" rating and a $18.00 price target for the company. Eleven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $19.18.

KeyCorp Stock Up 0.1%

Shares of KeyCorp stock traded up $0.02 during trading on Thursday, hitting $18.48. 15,971,588 shares of the stock traded hands, compared to its average volume of 13,171,470. The stock has a market cap of $20.25 billion, a P/E ratio of -108.68, a PEG ratio of 0.69 and a beta of 1.11. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company has a fifty day moving average price of $16.39 and a two-hundred day moving average price of $16.36.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. During the same period in the previous year, the company earned $0.20 EPS. Equities research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date was Tuesday, May 27th. KeyCorp's payout ratio is -482.35%.

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.