Aigen Investment Management LP Grows Position in KeyCorp $KEY

Aigen Investment Management LP increased its position in shares of KeyCorp (NYSE:KEY) by 145.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 248,609 shares of the financial services provider’s stock after buying an additional 147,297 shares during the period. KeyCorp accounts for about 1.2% of Aigen Investment Management LP’s investment portfolio, making the stock its 6th largest holding. Aigen Investment Management LP’s holdings in KeyCorp were worth $5,131,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. MCF Advisors LLC increased its position in shares of KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 456 shares during the period. Prime Capital Investment Advisors LLC boosted its stake in KeyCorp by 1.7% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 486 shares in the last quarter. Harbour Investments Inc. boosted its stake in KeyCorp by 19.0% in 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 in the last quarter. Centennial Wealth Advisory LLC boosted its stake in KeyCorp by 1.2% in the fourth quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock worth $929,000 after purchasing an additional 524 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its stake in KeyCorp by 4.6% in the fourth quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 539 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Insider Activity

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the 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 completion of the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This represents 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 through the SEC website. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Jefferies Financial Group boosted their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, April 17th. Morgan Stanley cut their price target on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Evercore reiterated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and an average target price of $42.78.

KeyCorp Trading Up 1.5%

NYSE:KEY opened at $22.67 on Friday. KeyCorp has a 1-year low of $15.59 and a 1-year high of $23.34. The business’s 50-day moving average price is $21.54 and its two-hundred day moving average price is $20.96. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $24.58 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share 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 firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities analysts expect that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp announced that its Board of Directors has initiated a stock repurchase program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio is 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.