Seven Eight Capital LP Grows Position in KeyCorp (NYSE:KEY)

Seven Eight Capital LP increased its position in shares of KeyCorp (NYSE:KEY) by 69.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 94,305 shares of the financial services provider’s stock after buying an additional 38,665 shares during the period. Seven Eight Capital LP’s holdings in KeyCorp were worth $1,491,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. First United Bank & Trust purchased a new position in KeyCorp in the fourth quarter valued at approximately $29,000. Creative Financial Designs Inc. ADV increased its stake in KeyCorp by 195.2% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,666 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 1,763 shares during the last quarter. Quarry LP purchased a new position in KeyCorp in the fourth quarter valued at approximately $38,000. Turtle Creek Wealth Advisors LLC purchased a new position in KeyCorp in the fourth quarter valued at approximately $39,000. Finally, Criterion Capital Advisors LLC purchased a new position in KeyCorp in the fourth quarter valued at approximately $39,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Price Performance

KeyCorp stock traded up $0.10 during midday trading on Tuesday, reaching $15.87. 16,690,728 shares of the company were exchanged, compared to its average volume of 14,922,473. The company has a market capitalization of $14.96 billion, a price-to-earnings ratio of 20.10, a P/E/G ratio of 0.83 and a beta of 1.26. The firm’s 50-day simple moving average is $14.41 and its 200-day simple moving average is $14.53. KeyCorp has a 1 year low of $9.50 and a 1 year high of $16.47. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. On average, analysts anticipate that KeyCorp will post 1.12 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date of this dividend is Tuesday, August 27th. KeyCorp’s payout ratio is 103.80%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on KEY shares. Keefe, Bruyette & Woods increased their price objective on KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, April 5th. Wedbush increased their price objective on KeyCorp from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. decreased their price objective on KeyCorp from $17.50 to $16.50 and set a “neutral” rating for the company in a report on Thursday, June 27th. Wells Fargo & Company increased their price target on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Royal Bank of Canada increased their price target on KeyCorp from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.06.

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.