Weiss Asset Management LP Makes New $7.04 Million Investment in KeyCorp $KEY

Weiss Asset Management LP purchased a new stake in shares of KeyCorp (NYSE:KEY) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 351,100 shares of the financial services provider’s stock, valued at approximately $7,040,000.

Other hedge funds have also modified their holdings of the company. OMERS ADMINISTRATION Corp lifted its holdings in shares of KeyCorp by 40.5% during the first quarter. OMERS ADMINISTRATION Corp now owns 46,632 shares of the financial services provider’s stock worth $935,000 after purchasing an additional 13,448 shares during the period. North Reef Capital Management LP purchased a new stake in KeyCorp in the first quarter valued at approximately $253,632,000. Lombard Odier Asset Management Switzerland SA acquired a new position in KeyCorp in the 1st quarter worth approximately $1,087,000. Waverly Advisors LLC increased its holdings in KeyCorp by 8.9% in the 1st quarter. Waverly Advisors LLC now owns 14,899 shares of the financial services provider’s stock worth $299,000 after buying an additional 1,215 shares during the period. Finally, Entropy Technologies LP raised its position in KeyCorp by 823.6% during the 1st quarter. Entropy Technologies LP now owns 247,080 shares of the financial services provider’s stock worth $4,954,000 after buying an additional 220,329 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on KEY shares. Stephens initiated coverage on shares of KeyCorp in a research note on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective for the company. Truist Financial increased their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, June 24th. The Goldman Sachs Group raised their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Robert W. Baird upped their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Wednesday. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Stock Performance

NYSE KEY opened at $22.64 on Friday. The stock has a market capitalization of $24.43 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 0.74 and a beta of 1.02. 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 50-day moving average of $22.47 and a 200 day moving average of $21.60.

KeyCorp (NYSE:KEY) last issued its quarterly 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 company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the business posted $0.35 earnings per share. KeyCorp’s revenue for the quarter was up 6.7% on a year-over-year basis. Sell-side analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

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

Insider Activity

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction 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 owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is owned by company insiders.

About KeyCorp

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.