Rothschild Investment LLC Increases Stock Holdings in KeyCorp $KEY

Rothschild Investment LLC boosted its position in KeyCorp (NYSE:KEY) by 592.3% during the 4th quarter, HoldingsChannel reports. The firm owned 29,748 shares of the financial services provider’s stock after purchasing an additional 25,451 shares during the period. Rothschild Investment LLC’s holdings in KeyCorp were worth $614,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of KEY. Wellington Management Group LLP boosted its position in KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Capital World Investors boosted its position in KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after purchasing an additional 13,067,326 shares during the last quarter. Two Sigma Investments LP purchased a new position in KeyCorp in the third quarter worth about $66,683,000. Artemis Investment Management LLP purchased a new position in KeyCorp in the fourth quarter worth about $55,969,000. Finally, Victory Capital Management Inc. boosted its position in KeyCorp by 39.6% in the third quarter. Victory Capital Management Inc. now owns 6,856,534 shares of the financial services provider’s stock worth $128,149,000 after purchasing an additional 1,945,368 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction dated 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. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on KEY. Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. JPMorgan Chase & Co. cut their price target on KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Evercore reissued an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Susquehanna boosted their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Thirteen 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.78.

KeyCorp Stock Performance

NYSE:KEY opened at $21.33 on Friday. The stock has a 50-day simple moving average of $21.13 and a two-hundred day simple moving average of $20.67. KeyCorp has a 52-week low of $15.47 and a 52-week high of $23.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $23.13 billion, a PE ratio of 13.09, a P/E/G ratio of 0.68 and a beta of 1.06.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the previous year, the company posted $0.38 earnings per share. KeyCorp’s revenue for the quarter was up 10.2% on a year-over-year basis. Analysts forecast that KeyCorp will post 1.83 EPS for the current year.

KeyCorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

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

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.