Assenagon Asset Management S.A. Has $48.66 Million Position in KeyCorp $KEY

Assenagon Asset Management S.A. increased its holdings in shares of KeyCorp (NYSE:KEY) by 5,595.7% during the 1st quarter, HoldingsChannel reports. The firm owned 2,426,699 shares of the financial services provider’s stock after purchasing an additional 2,384,093 shares during the period. Assenagon Asset Management S.A.’s holdings in KeyCorp were worth $48,655,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC bought a new stake in KeyCorp during the 4th quarter worth approximately $476,000. Woodline Partners LP lifted its stake in KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after buying an additional 1,890 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in shares of KeyCorp by 6.5% in the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after buying an additional 926 shares during the period. Finally, Federated Hermes Inc. acquired a new position in shares of KeyCorp in the second quarter valued at approximately $186,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of research analyst reports. Morgan Stanley dropped their price objective on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Jefferies Financial Group upped their target price on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, April 17th. Robert W. Baird increased their target price on KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, April 17th. Evercore reissued an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Finally, The Goldman Sachs Group boosted their price target on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, April 17th. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.50.

KeyCorp Stock Up 1.2%

Shares of KEY stock opened at $23.39 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1 year low of $16.47 and a 1 year high of $23.72. The firm’s fifty day moving average price is $21.84 and its two-hundred day moving average price is $21.24. The firm has a market capitalization of $25.24 billion, a P/E ratio of 14.35, a PEG ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. On average, equities analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.5%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend 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.