Inceptionr LLC Makes New $570,000 Investment in KeyCorp $KEY

Inceptionr LLC bought a new stake in KeyCorp (NYSE:KEY) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 28,442 shares of the financial services provider’s stock, valued at approximately $570,000.

Other large investors have also bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the period. Norges Bank bought a new position in KeyCorp in the 4th quarter valued at $262,688,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of KeyCorp during the 4th quarter valued at $150,843,000. AQR Capital Management LLC increased its position in shares of KeyCorp by 416.3% during the 4th quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock valued at $147,862,000 after purchasing an additional 5,776,417 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in shares of KeyCorp by 132.7% during the 4th quarter. Deutsche Bank AG now owns 8,259,754 shares of the financial services provider’s stock worth $170,481,000 after purchasing an additional 4,709,698 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

KEY has been the subject of several research reports. Robert W. Baird increased their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday. The Goldman Sachs Group lifted 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. JPMorgan Chase & Co. upped their price objective on KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. DA Davidson reissued a “buy” rating and set a $28.00 price objective on shares of KeyCorp in a report on Wednesday. Finally, Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.14.

KeyCorp Price Performance

Shares of NYSE KEY opened at $22.64 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The stock has a market cap of $24.43 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 0.74 and a beta of 1.02. The stock has a fifty day moving average of $22.47 and a 200-day moving average of $21.60.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.97 billion. During the same period in the prior year, the business posted $0.35 earnings per share. The company’s revenue was up 6.7% on a year-over-year basis. Equities 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 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.

KeyCorp announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the firm’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 of the company’s stock, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.56% of the company’s stock.

KeyCorp Company 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.