Susquehanna Fundamental Investments LLC Buys 254,223 Shares of KeyCorp $KEY

Susquehanna Fundamental Investments LLC increased its stake in KeyCorp (NYSE:KEY) by 16.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,810,968 shares of the financial services provider’s stock after purchasing an additional 254,223 shares during the period. Susquehanna Fundamental Investments LLC owned approximately 0.17% of KeyCorp worth $41,743,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of KEY. Brighton Jones LLC bought a new stake in shares of KeyCorp in the fourth quarter valued at about $476,000. Woodline Partners LP grew its holdings in shares of KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after buying an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in KeyCorp by 58.0% in the 2nd 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 during the last quarter. Cresset Asset Management LLC raised its position in KeyCorp by 6.5% in the 2nd 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 last quarter. Finally, Federated Hermes Inc. bought a new stake in KeyCorp in the 2nd quarter valued at approximately $186,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Price Performance

NYSE:KEY opened at $21.91 on Monday. KeyCorp has a 1-year low of $16.47 and a 1-year 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 firm has a fifty day simple moving average of $22.85 and a 200 day simple moving average of $21.76. The stock has a market capitalization of $23.38 billion, a PE ratio of 12.74, a P/E/G ratio of 0.72 and a beta of 1.03.

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

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. 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 target for the company. Weiss Ratings restated a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. UBS Group raised their target price on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. TD Cowen reiterated a “buy” rating and issued a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Finally, Argus upgraded shares of KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.14.

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.