KeyCorp $KEY Position Boosted by Sei Investments Co.

Sei Investments Co. boosted its holdings in KeyCorp (NYSE:KEY) by 77.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 421,181 shares of the financial services provider’s stock after acquiring an additional 183,651 shares during the quarter. Sei Investments Co.’s holdings in KeyCorp were worth $8,444,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. DV Equities LLC bought a new position in shares of KeyCorp in the fourth quarter worth $27,000. Maseco LLP acquired a new position in shares of KeyCorp during the fourth quarter valued at $27,000. Smithfield Trust Co bought a new stake in shares of KeyCorp during the fourth quarter valued at about $31,000. Kelleher Financial Advisors bought a new stake in shares of KeyCorp during the third quarter valued at about $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in KeyCorp in the fourth quarter worth about $38,000. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Morgan Stanley boosted their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Susquehanna upped their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. JPMorgan Chase & Co. increased their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a report on Monday, July 6th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

Insider Activity

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

KeyCorp Trading Up 0.1%

Shares of KEY stock opened at $22.61 on Monday. The stock has a 50-day simple moving average of $22.60 and a 200 day simple moving average of $21.64. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The stock has a market capitalization of $24.40 billion, a P/E ratio of 13.14, a P/E/G ratio of 0.74 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the company earned $0.35 earnings per share. KeyCorp’s revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. KeyCorp’s payout ratio is currently 47.67%.

KeyCorp declared that its board has initiated a stock buyback program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board 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.