Algebris UK Ltd Boosts Stock Position in KeyCorp (NYSE:KEY)

Algebris UK Ltd grew its position in KeyCorp (NYSE:KEY) by 84.2% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,298,907 shares of the financial services provider’s stock after purchasing an additional 593,684 shares during the quarter. KeyCorp makes up 3.5% of Algebris UK Ltd’s portfolio, making the stock its 14th biggest position. Algebris UK Ltd’s holdings in KeyCorp were worth $19,227,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in KEY. Sequoia Financial Advisors LLC raised its position in shares of KeyCorp by 4.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider’s stock worth $1,101,000 after acquiring an additional 3,145 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in KeyCorp during the 1st quarter valued at about $2,171,000. Cambridge Investment Research Advisors Inc. grew its stake in KeyCorp by 31.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider’s stock valued at $1,787,000 after purchasing an additional 26,615 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in KeyCorp by 4.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider’s stock valued at $6,068,000 after purchasing an additional 15,367 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of KeyCorp by 41.9% in the first quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider’s stock worth $332,000 after buying an additional 6,135 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at KeyCorp

In other news, Director Carlton L. Highsmith sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the completion of the transaction, the director directly owned 37,177 shares in the company, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the transaction, the chief executive officer owned 619,895 shares of the company’s stock, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 153,149 shares of company stock valued at $2,821,230. Corporate insiders own 0.52% of the company’s stock.

KeyCorp Price Performance

KEY stock opened at $18.42 on Tuesday. The business has a fifty day moving average of $17.04 and a two-hundred day moving average of $16.46. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The stock has a market cap of $20.19 billion, a price-to-earnings ratio of -263.14, a price-to-earnings-growth ratio of 0.66 and a beta of 1.11. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 earnings per share. As a group, research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.45%. KeyCorp’s dividend payout ratio is currently -1,171.43%.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of recent research reports. Bank of America upped their target price on KeyCorp from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, June 16th. TD Cowen started coverage on KeyCorp in a research report on Thursday, May 15th. They set a “hold” rating and a $18.00 price target on the stock. Keefe, Bruyette & Woods lowered their price target on KeyCorp from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Truist Financial increased their price target on KeyCorp from $17.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday. Finally, UBS Group raised KeyCorp from a “neutral” rating to a “buy” rating and increased their target price for the company from $16.00 to $22.00 in a report on Tuesday, July 8th. Twelve analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.39.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.