54,200 Shares in KeyCorp $KEY Purchased by Lombard Odier Asset Management Switzerland SA

Lombard Odier Asset Management Switzerland SA acquired a new stake in KeyCorp (NYSE:KEY) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 54,200 shares of the financial services provider’s stock, valued at approximately $1,087,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in KeyCorp by 90.2% during 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 acquiring an additional 17,245,128 shares during the last quarter. Norges Bank acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $262,688,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $150,843,000. AQR Capital Management LLC increased its stake in shares of KeyCorp by 416.3% during the 4th quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after purchasing an additional 5,776,417 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of 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 hedge funds and other institutional investors.

Wall Street Analyst Weigh In

KEY has been the topic of a number of recent research reports. Royal Bank Of Canada upped 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. Susquehanna raised their price target on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research report on Monday, May 18th. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Piper Sandler boosted their price target on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Finally, Truist Financial upped their price objective on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Trading Down 0.6%

Shares of KeyCorp stock opened at $22.50 on Tuesday. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The firm has a market cap of $24.29 billion, a PE ratio of 13.08, a P/E/G ratio of 0.74 and a beta of 1.02. The business’s fifty day moving average is $22.50 and its two-hundred day moving average is $21.61. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63.

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

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio is 47.67%.

KeyCorp declared that its board has approved a share repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.56% of the company’s stock.

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.