Qsemble Capital Management LP Invests $5.29 Million in KeyCorp $KEY

Qsemble Capital Management LP purchased a new position in KeyCorp (NYSE:KEY) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 256,421 shares of the financial services provider’s stock, valued at approximately $5,293,000.

Several other hedge funds have also recently bought and sold shares of the company. AlphaCore Capital LLC lifted its position in KeyCorp by 22.5% in the 4th quarter. AlphaCore Capital LLC now owns 16,061 shares of the financial services provider’s stock valued at $332,000 after purchasing an additional 2,949 shares during the last quarter. DNB Asset Management AS grew its stake in shares of KeyCorp by 182.5% in the 4th quarter. DNB Asset Management AS now owns 476,833 shares of the financial services provider’s stock worth $9,842,000 after purchasing an additional 308,024 shares during the last quarter. New York Life Investment Management LLC grew its stake in shares of KeyCorp by 0.6% in the 4th quarter. New York Life Investment Management LLC now owns 127,563 shares of the financial services provider’s stock worth $2,633,000 after purchasing an additional 803 shares during the last quarter. Allworth Financial LP grew its stake in shares of KeyCorp by 68.3% in the 4th quarter. Allworth Financial LP now owns 8,065 shares of the financial services provider’s stock worth $166,000 after purchasing an additional 3,273 shares during the last quarter. Finally, Independent Advisor Alliance acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $207,000. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on KEY shares. Piper Sandler lifted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Jefferies Financial Group boosted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, April 17th. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.18.

KeyCorp Trading Down 0.1%

Shares of KeyCorp stock opened at $21.05 on Friday. The firm has a market capitalization of $22.83 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 0.67 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The company’s fifty day moving average price is $20.74 and its two-hundred day moving average price is $20.40. KeyCorp has a 52-week low of $15.28 and a 52-week high of $23.34.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. On average, analysts expect that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be issued a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. KeyCorp’s dividend payout ratio is presently 50.31%.

KeyCorp declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.56% of the company’s stock.

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.