Entropy Technologies LP Buys 220,329 Shares of KeyCorp $KEY

Entropy Technologies LP increased its position in shares of KeyCorp (NYSE:KEY) by 823.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 247,080 shares of the financial services provider’s stock after purchasing an additional 220,329 shares during the quarter. Entropy Technologies LP’s holdings in KeyCorp were worth $4,954,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of KEY. Wellington Management Group LLP boosted its position in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares in the last quarter. Norges Bank bought a new stake in shares of KeyCorp during the 4th quarter worth $262,688,000. Eurizon Capital SGR S.p.A. acquired a new stake in KeyCorp in the fourth quarter valued at about $150,843,000. AQR Capital Management LLC boosted its stake in shares of KeyCorp by 416.3% in the 4th quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock valued at $147,862,000 after purchasing an additional 5,776,417 shares in the last quarter. Finally, Deutsche Bank AG increased its position in KeyCorp by 132.7% during the 4th quarter. Deutsche Bank AG now owns 8,259,754 shares of the financial services provider’s stock worth $170,481,000 after purchasing an additional 4,709,698 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KEY has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday. Susquehanna upped their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. The Goldman Sachs Group raised their price objective on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, April 17th. UBS Group boosted their price objective on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Finally, Truist Financial upped their target price on KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, June 24th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Down 0.4%

NYSE:KEY opened at $22.64 on Friday. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $24.43 billion, a PE ratio of 13.16, a P/E/G ratio of 0.74 and a beta of 1.02. The firm’s 50 day simple moving average is $22.47 and its 200 day simple moving average is $21.60.

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

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid 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 3.6%. KeyCorp’s payout ratio is currently 47.67%.

KeyCorp announced that its board has approved a share repurchase plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

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 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.56% of the stock is owned by insiders.

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.