Headlands Technologies LLC Makes New Investment in KeyCorp $KEY

Headlands Technologies LLC acquired a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, Holdings Channel reports. The fund acquired 42,573 shares of the financial services provider’s stock, valued at approximately $981,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in KEY. Quantitative Investment Management LLC purchased a new position in KeyCorp during the second quarter worth about $2,337,000. Susquehanna Fundamental Investments LLC grew its holdings in KeyCorp by 16.3% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 1,810,968 shares of the financial services provider’s stock valued at $41,743,000 after buying an additional 254,223 shares during the period. Two Sigma Securities LLC grew its holdings in KeyCorp by 96.7% in the 2nd quarter. Two Sigma Securities LLC now owns 152,450 shares of the financial services provider’s stock valued at $3,514,000 after buying an additional 74,955 shares during the period. Benjamin Edwards Inc. increased its stake in shares of KeyCorp by 2.2% during the 2nd quarter. Benjamin Edwards Inc. now owns 30,646 shares of the financial services provider’s stock valued at $706,000 after acquiring an additional 671 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in shares of KeyCorp by 173.2% during the 2nd quarter. Alyeska Investment Group L.P. now owns 4,600,968 shares of the financial services provider’s stock valued at $106,052,000 after acquiring an additional 2,916,955 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

KEY has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Wells Fargo & Company upped their price target on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. increased their price target on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Stephens initiated coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target on the stock. Finally, UBS Group boosted their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $21.20 on Wednesday. The business’s 50-day simple moving average is $22.78 and its 200 day simple moving average is $21.74. The company has a market cap of $22.62 billion, a P/E ratio of 12.33, a PEG ratio of 0.71 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a one year low of $16.47 and a one year high of $24.07.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the business earned $0.35 EPS. KeyCorp’s quarterly revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp announced that its board has initiated a stock buyback 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 buy up to 13% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. KeyCorp’s dividend payout ratio is 47.67%.

KeyCorp 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.