516,843 Shares in KeyCorp $KEY Bought by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 516,843 shares of the financial services provider’s stock, valued at approximately $11,913,000.

A number of other institutional investors also recently bought and sold shares of KEY. DV Equities LLC acquired a new stake in shares of KeyCorp during the fourth quarter worth about $27,000. N.E.W. Advisory Services LLC acquired a new position in KeyCorp in the 2nd quarter valued at about $30,000. Silvant Capital Management LLC acquired a new position in KeyCorp in the 2nd quarter valued at about $30,000. Smithfield Trust Co purchased a new stake in KeyCorp during the 4th quarter valued at approximately $31,000. Finally, Keating Financial Advisory Services Inc. purchased a new stake in KeyCorp during the 2nd quarter valued at approximately $31,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on KEY shares. Royal Bank Of Canada lifted their target price on KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. DA Davidson restated a “buy” rating and set a $28.00 price target on shares of KeyCorp in a research note on Wednesday, July 22nd. UBS Group increased their price target on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Stephens began coverage on shares of KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Price Performance

Shares of KEY opened at $21.90 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock’s 50 day moving average is $22.88 and its two-hundred day moving average is $21.78. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The firm has a market capitalization of $23.37 billion, a PE ratio of 12.73, a P/E/G ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its 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 business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS. 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 issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio is currently 47.67%.

KeyCorp announced that its board has approved 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 buy up to 13% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.