GSA Capital Partners LLP Buys 24,020 Shares of KeyCorp $KEY

GSA Capital Partners LLP boosted its stake in KeyCorp (NYSE:KEY) by 155.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,432 shares of the financial services provider’s stock after acquiring an additional 24,020 shares during the period. GSA Capital Partners LLP’s holdings in KeyCorp were worth $814,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC bought a new stake in shares of KeyCorp during the 4th quarter valued at $476,000. Woodline Partners LP boosted its holdings in shares of KeyCorp by 41.4% during the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of KeyCorp by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after buying an additional 1,890 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in shares of KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after buying an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in shares of KeyCorp during the 2nd quarter valued at $186,000. Institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on KEY shares. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. dropped their target price on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Royal Bank Of Canada boosted their target price on shares of KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Jefferies Financial Group boosted their target price on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, April 17th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus price target of $42.78.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by insiders.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $21.59 on Friday. The stock has a market cap of $23.40 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 0.69 and a beta of 1.06. The firm’s 50-day moving average is $20.89 and its 200 day moving average is $20.53. KeyCorp has a 1 year low of $15.28 and a 1 year high of $23.34. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. KeyCorp’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 EPS. Sell-side analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be paid a $0.205 dividend. The ex-dividend date is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp’s payout ratio is presently 50.31%.

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

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.