KeyCorp $KEY Stock Position Raised by Sei Investments Co.

Sei Investments Co. increased its stake in KeyCorp (NYSE:KEY) by 77.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Lido Advisors LLC acquired a new position in shares of KeyCorp in the 1st quarter valued at $230,000. State of Wyoming acquired a new stake in KeyCorp during the 1st quarter worth about $203,000. Arvest Bank Trust Division raised its holdings in KeyCorp by 1.3% during the 1st quarter. Arvest Bank Trust Division now owns 70,325 shares of the financial services provider’s stock worth $1,410,000 after buying an additional 919 shares during the period. First Trust Advisors LP lifted its stake in KeyCorp by 76.6% during the first quarter. First Trust Advisors LP now owns 2,951,487 shares of the financial services provider’s stock valued at $59,177,000 after buying an additional 1,280,125 shares in the last quarter. Finally, ABN Amro Investment Solutions lifted its stake in KeyCorp by 2.7% during the first quarter. ABN Amro Investment Solutions now owns 48,872 shares of the financial services provider’s stock valued at $980,000 after buying an additional 1,287 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Trading Up 0.1%

Shares of NYSE KEY opened at $22.61 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The business has a 50-day moving average price of $22.60 and a two-hundred day moving average price of $21.64. The firm has a market capitalization of $24.40 billion, a PE ratio of 13.14, a PEG ratio of 0.74 and a beta of 1.02.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. As a group, analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has authorized a share buyback program 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 purchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. KeyCorp’s payout ratio is presently 47.67%.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Evercore reissued an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. JPMorgan Chase & Co. upped their price target on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Argus upgraded shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.14.

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.