AXQ Capital LP Acquires New Holdings in KeyCorp $KEY

AXQ Capital LP acquired a new position in KeyCorp (NYSE:KEY) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 30,191 shares of the financial services provider’s stock, valued at approximately $623,000.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $476,000. Woodline Partners LP lifted its stake in KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after acquiring an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 1,890 shares in the last quarter. Cresset Asset Management LLC increased its stake 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 worth $263,000 after purchasing an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of KeyCorp during the 2nd quarter valued at $186,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on KEY. 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. decreased their price target on KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Evercore reiterated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Susquehanna boosted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.78.

Insider Activity

In other news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the sale, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.

KeyCorp Price Performance

NYSE:KEY opened at $20.92 on Thursday. 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 has a one year low of $15.59 and a one year high of $23.34. The company has a fifty day moving average price of $21.23 and a 200 day moving average price of $20.75. The stock has a market cap of $22.68 billion, a P/E ratio of 12.83, a PEG ratio of 0.67 and a beta of 1.03.

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

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.9%. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

KeyCorp declared that its Board of Directors has initiated a share repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.