KeyCorp $KEY Shares Purchased by Kodai Capital Management LP

by · The Markets Daily

Kodai Capital Management LP lifted its stake in KeyCorp (NYSE:KEY – Free Report) by 13.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,835,815 shares of the financial services provider’s stock after purchasing an additional 337,565 shares during the period. KeyCorp makes up 1.8% of Kodai Capital Management LP’s investment portfolio, making the stock its 10th largest holding. Kodai Capital Management LP’s holdings in KeyCorp were worth $45,345,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock valued at $2,004,273,000 after purchasing an additional 8,412,625 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of KeyCorp by 40.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock valued at $814,756,000 after purchasing an additional 14,651,281 shares during the period. Fuller & Thaler Asset Management Inc. lifted its stake in shares of KeyCorp by 12.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 30,511,720 shares of the financial services provider’s stock valued at $487,882,000 after purchasing an additional 3,327,972 shares during the period. Invesco Ltd. lifted its stake in shares of KeyCorp by 19.5% in the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider’s stock valued at $329,777,000 after purchasing an additional 3,363,421 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of KeyCorp by 14.4% in the fourth quarter. Northern Trust Corp now owns 11,240,159 shares of the financial services provider’s stock valued at $192,656,000 after purchasing an additional 1,417,297 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $19.37 on Friday. The company has a market cap of $21.23 billion, a PE ratio of -276.64, a price-to-earnings-growth ratio of 0.69 and a beta of 1.13. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The company has a 50-day simple moving average of $18.09 and a 200-day simple moving average of $16.55.

KeyCorp (NYSE:KEY – Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The company’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 earnings per share. On average, equities analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.2%. KeyCorp’s payout ratio is -1,171.43%.

Insider Transactions at KeyCorp

In related news, Director Trina M. Evans sold 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the sale, the director directly owned 82,719 shares of the company’s stock, valued at approximately $1,544,363.73. This trade represents a 17.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of the firm’s stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the sale, the chief executive officer directly owned 619,895 shares in the company, valued at $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,149 shares of company stock worth $2,738,230 over the last ninety days. 0.52% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. TD Cowen started coverage on shares of KeyCorp in a research note on Thursday, May 15th. They issued a “hold” rating and a $18.00 price objective for the company. DA Davidson raised their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. Cowen started coverage on shares of KeyCorp in a report on Wednesday, May 14th. They set a “hold” rating for the company. Bank of America raised their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a report on Monday, June 16th. Finally, Robert W. Baird downgraded shares of KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, July 2nd. Ten investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.39.

View Our Latest Research Report on KEY

KeyCorp Company Profile

(Free Report)

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

Further Reading

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