Entropy Technologies LP Has $4.95 Million Stock Position in KeyCorp $KEY

Entropy Technologies LP boosted its stake in KeyCorp (NYSE:KEY) by 823.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 247,080 shares of the financial services provider’s stock after acquiring an additional 220,329 shares during the period. Entropy Technologies LP’s holdings in KeyCorp were worth $4,954,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in KEY. Maseco LLP acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $27,000. DV Equities LLC bought a new stake in KeyCorp during the fourth quarter valued at $27,000. Smithfield Trust Co bought a new stake in KeyCorp during the fourth quarter valued at $31,000. Kelleher Financial Advisors acquired a new stake in KeyCorp during the 3rd quarter worth about $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in KeyCorp during the 4th quarter worth about $38,000. Institutional investors own 79.69% of the company’s stock.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. lifted their target price on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Wells Fargo & Company increased their price target on KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Piper Sandler raised their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Finally, Jefferies Financial Group lifted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $22.64 on Friday. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The firm has a market capitalization of $24.43 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 0.74 and a beta of 1.02. The business has a 50-day simple moving average of $22.47 and a 200 day simple moving average of $21.60. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 EPS. On average, research analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has authorized a stock buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

KeyCorp Company Profile

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.