SummitTX Capital L.P. Acquires New Stake in KeyCorp $KEY

SummitTX Capital L.P. purchased a new position in shares of KeyCorp (NYSE:KEY) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 54,604 shares of the financial services provider’s stock, valued at approximately $1,095,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Maseco LLP purchased a new stake in KeyCorp in the 4th quarter worth approximately $27,000. DV Equities LLC purchased a new position in shares of KeyCorp during the 4th quarter worth $27,000. Smithfield Trust Co purchased a new position in shares of KeyCorp during the 4th quarter worth $31,000. Kelleher Financial Advisors acquired a new stake in shares of KeyCorp during the third quarter worth $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of KeyCorp during the fourth quarter worth $38,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

Shares of KEY stock opened at $22.21 on Thursday. 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 company has a market cap of $23.97 billion, a PE ratio of 12.91, a P/E/G ratio of 0.74 and a beta of 1.02. The company’s fifty day simple moving average is $22.55 and its 200-day simple moving average is $21.62. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07.

KeyCorp (NYSE:KEY) last announced 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 net margin of 17.83% and a return on equity of 11.23%. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the company earned $0.35 EPS. The firm’s revenue was up 6.7% on a year-over-year basis. As a group, equities research analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

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

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. KeyCorp’s dividend payout ratio is presently 47.67%.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction dated Friday, May 8th. The stock was 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 in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on KEY shares. UBS Group lifted their price target on KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Evercore reissued an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Stephens initiated coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price for the company. Royal Bank Of Canada upped their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Thirteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

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.