Headlands Technologies LLC Acquires Shares of 42,573 KeyCorp $KEY

Headlands Technologies LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 42,573 shares of the financial services provider’s stock, valued at approximately $981,000.

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

KeyCorp Stock Performance

KeyCorp stock opened at $21.20 on Wednesday. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The company has a market capitalization of $22.62 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.71 and a beta of 1.02. The stock has a fifty day moving average of $22.78 and a two-hundred day moving average of $21.74. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84.

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

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

KeyCorp declared that its board has authorized a share repurchase plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on KEY. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of KeyCorp in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. TD Cowen reissued a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a report on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods upped their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.