Two Sigma Securities LLC Increases Holdings in KeyCorp $KEY

Two Sigma Securities LLC boosted its stake in KeyCorp (NYSE:KEY) by 96.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,450 shares of the financial services provider’s stock after purchasing an additional 74,955 shares during the period. Two Sigma Securities LLC’s holdings in KeyCorp were worth $3,514,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. MCF Advisors LLC lifted its position in KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 456 shares in the last quarter. Harbour Investments Inc. grew its position in KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in KeyCorp by 5.4% in the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 522 shares in the last quarter. J.W. Cole Advisors Inc. raised its stake in shares of KeyCorp by 3.8% during the fourth quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 547 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV lifted its position in shares of KeyCorp by 1.7% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,493 shares of the financial services provider’s stock worth $650,000 after purchasing an additional 556 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

KEY stock opened at $21.91 on Monday. The stock’s 50 day simple moving average is $22.85 and its 200 day simple moving average is $21.76. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The firm has a market cap of $23.38 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.72 and a beta of 1.03. 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 (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 during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. The firm’s revenue was up 6.7% on a year-over-year basis. As a group, equities research analysts predict that KeyCorp will post 1.83 EPS for the current year.

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

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given 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 is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is presently 47.67%.

Analyst Ratings Changes

Several research analysts have recently weighed in on KEY shares. Royal Bank Of Canada upped their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price target on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. UBS Group boosted their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. TD Cowen reissued a “buy” rating and issued a $68.00 price objective on shares of KeyCorp in a research report on Tuesday, June 23rd. Finally, Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

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.