Y Intercept Hong Kong Ltd Has $819,000 Stock Holdings in KeyCorp $KEY

Key Points

• Y Intercept Hong Kong Ltd cut its KeyCorp stake by 85.1% in the first quarter, selling 232,841 shares and ending with 40,847 shares valued at about $819,000.
• KeyCorp has drawn mixed but generally positive analyst sentiment, with firms like Goldman Sachs and DA Davidson raising price targets; MarketBeat data shows a Moderate Buy consensus and an average target of $47.34.
• The bank reported solid quarterly results, beating EPS and revenue estimates, and it also approved a $3 billion share repurchase program while paying a quarterly dividend that annualizes to $0.82 per share.

Y Intercept Hong Kong Ltd decreased its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 85.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,847 shares of the financial services provider's stock after selling 232,841 shares during the period. Y Intercept Hong Kong Ltd's holdings in KeyCorp were worth $819,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in KEY. Wellington Management Group LLP boosted its holdings in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after buying an additional 17,245,128 shares in the last quarter. Norges Bank acquired a new position in shares of KeyCorp during the 4th quarter valued at $262,688,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of KeyCorp during the 4th quarter valued at $150,843,000. AQR Capital Management LLC boosted its stake in KeyCorp by 416.3% during the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider's stock worth $147,862,000 after acquiring an additional 5,776,417 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in KeyCorp by 132.7% during the fourth quarter. Deutsche Bank AG now owns 8,259,754 shares of the financial services provider's stock worth $170,481,000 after acquiring an additional 4,709,698 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider directly owned 281,564 shares of the company's stock, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

KEY has been the subject of a number of research reports. The Goldman Sachs Group raised their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Susquehanna increased their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a research report on Monday, May 18th. Jefferies Financial Group raised their target price on KeyCorp from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, April 17th. Truist Financial boosted their target price on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a research report on Wednesday, June 24th. Finally, DA Davidson boosted their target price on KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.34.

KeyCorp Stock Performance

KEY stock opened at $23.32 on Monday. The firm has a market cap of $25.17 billion, a PE ratio of 14.30, a P/E/G ratio of 0.73 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average of $22.13 and a 200-day moving average of $21.44. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.72.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.03. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.KeyCorp's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. As a group, sell-side analysts expect that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its board has authorized a share buyback plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Tuesday, June 2nd. KeyCorp's payout ratio is presently 50.31%.

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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