Stevens Capital Management LP Takes $8.97 Million Position in KeyCorp (KEY)

Stevens Capital Management LP bought a new position in KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 478,370 shares of the financial services provider’s stock, valued at approximately $8,965,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after purchasing an additional 3,502,973 shares during the last quarter. BlackRock Inc. grew its stake in shares of KeyCorp by 2.7% in the second quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock worth $1,624,654,000 after purchasing an additional 2,280,450 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after purchasing an additional 2,386,757 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of KeyCorp by 3.9% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock worth $302,458,000 after purchasing an additional 636,778 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of KeyCorp by 0.7% in the second quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock worth $224,897,000 after purchasing an additional 87,019 shares during the last quarter. 80.79% of the stock is currently owned by institutional investors.

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KEY has been the topic of several recent analyst reports. BidaskClub raised KeyCorp from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Wednesday, June 21st. Keefe, Bruyette & Woods set a $20.00 target price on KeyCorp and gave the stock a “hold” rating in a research note on Saturday, June 24th. Deutsche Bank AG reissued a “hold” rating on shares of KeyCorp in a research note on Monday, July 3rd. Finally, Morgan Stanley reissued an “overweight” rating and issued a $22.00 target price (up from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $20.13.

In other KeyCorp news, Director Ruth Ann M. Gillis acquired 3,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average cost of $18.00 per share, for a total transaction of $54,000.00. Following the completion of the purchase, the director now owns 10,551 shares in the company, valued at $189,918. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Craig A. Buffie sold 31,385 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $18.01, for a total transaction of $565,243.85. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. 0.65% of the stock is currently owned by company insiders.

Shares of KeyCorp (KEY) traded up 0.22% during trading on Friday, reaching $17.92. 12,743,253 shares of the company were exchanged. The firm has a market capitalization of $19.49 billion, a PE ratio of 17.80 and a beta of 1.12. The company’s 50-day moving average is $17.63 and its 200 day moving average is $18.09. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the firm earned $0.27 earnings per share. The company’s quarterly revenue was up 52.1% on a year-over-year basis. Equities research analysts expect that KeyCorp will post $1.36 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th were paid a dividend of $0.095 per share. The ex-dividend date of this dividend was Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.12%. KeyCorp’s dividend payout ratio is presently 38.78%.

KeyCorp announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Profile

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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