Two Sigma Securities LLC Grows Holdings in KeyCorp $KEY

Key Points

• Two Sigma Securities nearly doubled its KeyCorp position in the second quarter, increasing holdings by 96.7% to 152,450 shares valued at approximately $3.5 million. Institutional investors collectively own 79.69% of the company.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $49.14, despite some neutral and sell ratings.
• KeyCorp reported quarterly EPS of $0.44, exceeding estimates, while revenue rose 6.7% year over year. The company also declared a quarterly dividend of $0.205 per share and authorized a $3 billion share-repurchase program.

Two Sigma Securities LLC grew its position in shares of KeyCorp (NYSE:KEY - Free Report) by 96.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 152,450 shares of the financial services provider's stock after purchasing an additional 74,955 shares during the period. Two Sigma Securities LLC's holdings in KeyCorp were worth $3,514,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of KEY. N.E.W. Advisory Services LLC purchased a new position in shares of KeyCorp during the second quarter valued at approximately $30,000. Silvant Capital Management LLC purchased a new stake in KeyCorp in the 2nd quarter worth approximately $30,000. DV Equities LLC acquired a new position in KeyCorp in the 4th quarter valued at $27,000. Keating Financial Advisory Services Inc. acquired a new position in KeyCorp in the 2nd quarter valued at $31,000. Finally, Smithfield Trust Co purchased a new stake in shares of KeyCorp in the fourth quarter valued at $31,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on KEY shares. Robert W. Baird upped their target price on KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. TD Cowen reissued a "buy" rating and issued a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Truist Financial lifted their price target on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a report on Wednesday, June 24th. Morgan Stanley upped their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Finally, Wall Street Zen cut shares of KeyCorp from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $49.14.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $21.91 on Monday. The business's fifty day moving average price is $22.85 and its 200 day moving average price is $21.76. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $23.38 billion, a P/E ratio of 12.74, a PEG ratio of 0.72 and a beta of 1.03.

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

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio is 47.67%.

KeyCorp declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

KeyCorp Profile

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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