Polar Asset Management Partners Inc. Buys Shares of 516,843 KeyCorp $KEY

Polar Asset Management Partners Inc. purchased a new stake in shares of KeyCorp (NYSE:KEY) in the second quarter, according to its most recent filing with the SEC. The firm purchased 516,843 shares of the financial services provider’s stock, valued at approximately $11,913,000.

Other institutional investors have also modified their holdings of the company. MCF Advisors LLC grew its holdings in shares of KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 456 shares during the period. Harbour Investments Inc. raised its holdings in KeyCorp by 19.0% during the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 508 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in KeyCorp by 5.4% during the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 522 shares during the last quarter. J.W. Cole Advisors Inc. boosted its position in KeyCorp by 3.8% during the fourth quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 547 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV boosted its position in KeyCorp by 1.7% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,493 shares of the financial services provider’s stock worth $650,000 after purchasing an additional 556 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

KeyCorp stock opened at $21.90 on Wednesday. The stock has a fifty day moving average price of $22.88 and a 200 day moving average price of $21.78. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The firm has a market capitalization of $23.37 billion, a P/E ratio of 12.73, a PEG ratio of 0.72 and a beta of 1.03. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

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

KeyCorp announced that its board has initiated a share buyback plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on KEY. Susquehanna raised their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. boosted their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Robert W. Baird increased their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Argus upgraded shares of KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada raised their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. One investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp 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.