NEOS Investment Management LLC Boosts Stock Position in KeyCorp $KEY

NEOS Investment Management LLC lifted its holdings in shares of KeyCorp (NYSE:KEY) by 46.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 128,821 shares of the financial services provider’s stock after buying an additional 41,134 shares during the period. NEOS Investment Management LLC’s holdings in KeyCorp were worth $2,408,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in KeyCorp during the second quarter worth $195,642,000. HoldCo Asset Management LP acquired a new stake in shares of KeyCorp in the second quarter valued at about $86,995,000. JPMorgan Chase & Co. increased its stake in shares of KeyCorp by 123.4% during the second quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock worth $125,122,000 after purchasing an additional 3,967,544 shares in the last quarter. Azora Capital LP raised its position in shares of KeyCorp by 131.4% during the 2nd quarter. Azora Capital LP now owns 5,369,008 shares of the financial services provider’s stock worth $93,528,000 after purchasing an additional 3,049,155 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock worth $44,821,000 after purchasing an additional 2,463,880 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Price Performance

Shares of KEY stock opened at $21.76 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $23.78 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 0.66 and a beta of 1.10. The firm’s 50-day moving average is $21.44 and its two-hundred day moving average is $19.40. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.34.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the prior year, the company posted $0.30 earnings per share. KeyCorp’s revenue for the quarter was up 131.8% compared to the same quarter last year. Analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is presently 53.95%.

Analysts Set New Price Targets

Several research firms have commented on KEY. JPMorgan Chase & Co. boosted their price objective on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Citigroup reaffirmed a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. Evercore boosted their price target on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. The Goldman Sachs Group increased their price objective on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of KeyCorp in a research note on Monday, December 29th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, KeyCorp currently has a consensus rating of “Hold” and an average target price of $22.87.

Insider Activity

In other news, insider Angela G. Mago sold 62,850 shares of the stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the transaction, the insider owned 261,415 shares in the company, valued at approximately $5,633,493.25. This represents a 19.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Trina M. Evans sold 32,695 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the sale, the director directly owned 58,719 shares in the company, valued at approximately $1,276,551.06. The trade was a 35.77% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 161,506 shares of company stock worth $3,597,481. 0.52% of the stock is currently owned by company insiders.

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.