SG Americas Securities LLC Has $36.29 Million Stock Position in KeyCorp $KEY

SG Americas Securities LLC increased its position in KeyCorp (NYSE:KEY) by 289.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,810,016 shares of the financial services provider’s stock after buying an additional 1,344,941 shares during the period. SG Americas Securities LLC’s holdings in KeyCorp were worth $36,291,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in KEY. Vanguard Group Inc. boosted its holdings in KeyCorp by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after acquiring an additional 1,192,323 shares in the last quarter. Wellington Management Group LLP raised its position in shares of 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 purchasing an additional 17,245,128 shares during the period. Geode Capital Management LLC lifted its holdings in shares of KeyCorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after purchasing an additional 115,968 shares in the last quarter. Capital World Investors lifted its holdings in shares of KeyCorp by 1.1% in the 4th quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after purchasing an additional 238,514 shares in the last quarter. Finally, Invesco Ltd. grew its position in KeyCorp by 4.7% in the 4th quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock valued at $424,507,000 after purchasing an additional 916,732 shares during the period. 79.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. TD Cowen restated a “buy” rating and set a $68.00 price target on shares of KeyCorp in a research note on Tuesday. Susquehanna lifted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Evercore reissued an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Stephens began coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price on the stock. Finally, Morgan Stanley dropped their price target on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.39.

Insiders Place Their Bets

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on Friday, May 8th. The stock was 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 of the company’s stock, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.56% of the company’s stock.

KeyCorp Trading Up 1.0%

Shares of KEY stock opened at $23.06 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $25.00 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 0.71 and a beta of 1.03. KeyCorp has a 52-week low of $16.47 and a 52-week high of $23.34. The company has a 50-day simple moving average of $21.78 and a two-hundred day simple moving average of $21.19.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 EPS. Research analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

KeyCorp announced that its board has approved a share buyback 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 purchase up to 13% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.