Lombard Odier Asset Management Switzerland SA Purchases New Holdings in KeyCorp $KEY

Lombard Odier Asset Management Switzerland SA bought a new stake in KeyCorp (NYSE:KEY) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 54,200 shares of the financial services provider’s stock, valued at approximately $1,087,000.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP grew its position in KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Norges Bank purchased a new position in KeyCorp during the 4th quarter worth $262,688,000. Eurizon Capital SGR S.p.A. purchased a new position in KeyCorp during the 4th quarter worth $150,843,000. AQR Capital Management LLC lifted its stake in shares of KeyCorp by 416.3% in the 4th quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares during the period. Finally, Deutsche Bank AG lifted its stake in shares of KeyCorp by 132.7% in the 4th quarter. Deutsche Bank AG now owns 8,259,754 shares of the financial services provider’s stock worth $170,481,000 after acquiring an additional 4,709,698 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY opened at $22.50 on Tuesday. The company has a 50-day simple moving average of $22.50 and a 200-day simple moving average of $21.61. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $24.29 billion, a PE ratio of 13.08, a P/E/G ratio of 0.74 and a beta of 1.02. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07.

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

KeyCorp Dividend Announcement

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

KeyCorp announced that its board has approved a share buyback program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

KEY has been the topic of a number of recent analyst reports. Robert W. Baird boosted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Truist Financial raised their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Jefferies Financial Group lifted their price objective on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, April 17th. Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Wells Fargo & Company increased their target price on KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.14.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction that occurred 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 sale, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

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.