Timber Hill LLC Buys New Stake in KeyCorp (KEY)

Timber Hill LLC bought a new position in shares of KeyCorp (NYSE:KEY) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 191,638 shares of the financial services provider’s stock, valued at approximately $3,747,000.

Several other large investors have also recently bought and sold shares of KEY. Boston Partners raised its position in shares of KeyCorp by 37.6% in the fourth quarter. Boston Partners now owns 26,045,044 shares of the financial services provider’s stock valued at $525,329,000 after buying an additional 7,123,113 shares during the last quarter. Eaton Vance Management raised its position in shares of KeyCorp by 77.6% in the fourth quarter. Eaton Vance Management now owns 11,100,824 shares of the financial services provider’s stock valued at $223,904,000 after buying an additional 4,850,008 shares during the last quarter. Two Sigma Investments LP raised its position in shares of KeyCorp by 24,671.7% in the fourth quarter. Two Sigma Investments LP now owns 2,948,598 shares of the financial services provider’s stock valued at $59,473,000 after buying an additional 2,960,598 shares during the last quarter. APG Asset Management N.V. raised its position in shares of KeyCorp by 45.9% in the fourth quarter. APG Asset Management N.V. now owns 7,944,416 shares of the financial services provider’s stock valued at $133,443,000 after buying an additional 2,497,702 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $49,676,000. 81.96% of the stock is owned by institutional investors and hedge funds.

KeyCorp opened at $20.35 on Thursday, MarketBeat.com reports. KeyCorp has a 1 year low of $20.31 and a 1 year high of $20.51. The company has a market capitalization of $21.73 billion, a P/E ratio of 14.96, a P/E/G ratio of 1.27 and a beta of 1.05. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.99.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.38. KeyCorp had a net margin of 19.32% and a return on equity of 11.03%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same period in the previous year, the firm earned $0.32 earnings per share. KeyCorp’s revenue was up 3.1% compared to the same quarter last year. research analysts predict that KeyCorp will post 1.7 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Tuesday, May 29th will be paid a dividend of $0.12 per share. This is an increase from KeyCorp’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, May 25th. KeyCorp’s payout ratio is currently 30.88%.

In other KeyCorp news, insider Robert A. Deangelis sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $21.11, for a total transaction of $527,750.00. Following the completion of the sale, the insider now directly owns 175,053 shares in the company, valued at $3,695,368.83. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Edward J. Burke sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $19.83, for a total transaction of $198,300.00. Following the sale, the insider now owns 126,526 shares of the company’s stock, valued at $2,509,010.58. The disclosure for this sale can be found here. 0.65% of the stock is owned by insiders.

A number of research firms have recently weighed in on KEY. Morgan Stanley boosted their price objective on shares of KeyCorp from $24.50 to $25.00 and gave the company an “overweight” rating in a research report on Tuesday, April 24th. Susquehanna Bancshares raised shares of KeyCorp from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $24.00 to $25.00 in a research report on Tuesday, April 24th. UBS raised shares of KeyCorp from a “neutral” rating to a “positive” rating in a research report on Tuesday, April 24th. BMO Capital Markets cut their price objective on shares of KeyCorp from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, April 20th. Finally, Vining Sparks reissued a “buy” rating and issued a $25.00 price objective on shares of KeyCorp in a research report on Friday, April 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $22.45.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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