Susquehanna Fundamental Investments LLC Acquires 254,223 Shares of KeyCorp $KEY

Susquehanna Fundamental Investments LLC boosted its stake in shares of KeyCorp (NYSE:KEY) by 16.3% in the second quarter, HoldingsChannel reports. The firm owned 1,810,968 shares of the financial services provider’s stock after purchasing an additional 254,223 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in KeyCorp were worth $41,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Nova Scotia lifted its stake in shares of KeyCorp by 0.6% during the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock worth $3,268,076,000 after buying an additional 900,951 shares during the last quarter. BlackRock Inc. bought a new position in KeyCorp in the 2nd quarter valued at about $2,039,113,000. Wellington Management Group LLP lifted its position in KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after acquiring an additional 115,968 shares during the period. Finally, Capital World Investors boosted its holdings in shares of KeyCorp by 1.1% during the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after acquiring an additional 238,514 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Performance

NYSE:KEY opened at $21.91 on Monday. The stock has a fifty day moving average price of $22.85 and a 200-day moving average price of $21.76. The company has a market cap of $23.38 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 0.72 and a beta of 1.03. 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 has a fifty-two week low of $16.47 and a fifty-two week high of $24.07.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share 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 business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the business posted $0.35 earnings per share. KeyCorp’s revenue was up 6.7% compared to the same quarter last year. As a group, equities analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its board has authorized a stock repurchase plan 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 purchase up to 13% of its shares through open market purchases. Shares repurchase plans are typically 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 issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. KeyCorp’s payout ratio is 47.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. UBS Group increased their target price on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. DA Davidson restated a “buy” rating and issued a $28.00 price target on shares of KeyCorp in a research note on Wednesday, July 22nd. Morgan Stanley upped their price objective on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Robert W. Baird increased their price objective on KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Susquehanna boosted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.14.

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.