Gotham Asset Management LLC Acquires 1,374 Shares of KeyCorp (NYSE:KEY)

Gotham Asset Management LLC increased its position in KeyCorp (NYSE:KEY) by 8.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,797 shares of the financial services provider’s stock after purchasing an additional 1,374 shares during the quarter. Gotham Asset Management LLC’s holdings in KeyCorp were worth $305,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of KEY. Whittier Trust Co. lifted its holdings in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after buying an additional 800 shares during the period. Ethos Financial Group LLC purchased a new position in shares of KeyCorp during the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. purchased a new position in shares of KeyCorp during the 4th quarter valued at about $34,000. TCTC Holdings LLC grew its position in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 611 shares during the period. Finally, Optiver Holding B.V. acquired a new stake in shares of KeyCorp during the 4th quarter valued at about $42,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

NYSE KEY opened at $16.28 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The business has a 50 day moving average price of $15.19 and a 200 day moving average price of $16.88. The company has a market capitalization of $17.84 billion, a P/E ratio of -54.26, a PEG ratio of 0.65 and a beta of 1.08. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same quarter last year, the business posted $0.20 earnings per share. Sell-side analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date is Tuesday, May 27th. KeyCorp’s dividend payout ratio is currently -482.35%.

KeyCorp declared that its board has approved a stock buyback program on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on KEY shares. Wells Fargo & Company reiterated an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. Evercore ISI set a $17.00 target price on KeyCorp in a research note on Monday, April 28th. Barclays dropped their price objective on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. Citigroup reissued a “buy” rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of KeyCorp in a research note on Thursday, April 17th. Ten analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and an average price target of $18.92.

Insider Activity

In other KeyCorp news, insider Mohit Ramani purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were acquired at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the purchase, the insider now owns 10,000 shares in the company, valued at $137,500. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the transaction, the director now owns 37,177 shares in the company, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.

About KeyCorp

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.