Quantitative Investment Management LLC Takes $2.34 Million Position in KeyCorp $KEY

Quantitative Investment Management LLC acquired a new stake in KeyCorp (NYSE:KEY) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 101,430 shares of the financial services provider’s stock, valued at approximately $2,337,000.

A number of other large investors have also bought and sold shares of KEY. DV Equities LLC acquired a new stake in KeyCorp during the 4th quarter worth approximately $27,000. N.E.W. Advisory Services LLC acquired a new position in shares of KeyCorp in the second quarter valued at approximately $30,000. Silvant Capital Management LLC acquired a new position in shares of KeyCorp in the second quarter valued at approximately $30,000. Smithfield Trust Co bought a new stake in shares of KeyCorp during the fourth quarter worth $31,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in shares of KeyCorp during the second quarter worth $31,000. 79.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Morgan Stanley increased their target price on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Weiss Ratings restated a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. JPMorgan Chase & Co. upped their price objective on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Finally, Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Price Performance

KeyCorp stock opened at $21.91 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 1-year low of $16.47 and a 1-year high of $24.07. The company has a fifty day simple moving average of $22.85 and a 200 day simple moving average of $21.76. The company has a market cap of $23.38 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.97 billion. During the same period in the previous year, the firm posted $0.35 EPS. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. Research analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

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

KeyCorp declared that its board has authorized a share buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.