Los Angeles Capital Management LLC Makes New $3.03 Million Investment in KeyCorp (NYSE:KEY)

Los Angeles Capital Management LLC purchased a new position in KeyCorp (NYSE:KEY) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 191,590 shares of the financial services provider’s stock, valued at approximately $3,029,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its holdings in KeyCorp by 8.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 273,010 shares of the financial services provider’s stock worth $3,931,000 after acquiring an additional 21,395 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of KeyCorp by 35.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock worth $4,747,000 after purchasing an additional 86,579 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of KeyCorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock worth $337,191,000 after purchasing an additional 289,258 shares during the last quarter. Aigen Investment Management LP purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $1,556,000. Finally, Miller Howard Investments Inc. NY purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $7,200,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

NYSE:KEY opened at $13.60 on Friday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.87 and a quick ratio of 0.87. The business has a fifty day simple moving average of $14.44 and a two-hundred day simple moving average of $14.43. KeyCorp has a 1 year low of $9.10 and a 1 year high of $15.86. The company has a market capitalization of $12.82 billion, a P/E ratio of 17.22, a P/E/G ratio of 0.69 and a beta of 1.28.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the business earned $0.44 earnings per share. KeyCorp’s revenue was down 10.6% on a year-over-year basis. On average, analysts expect that KeyCorp will post 1.13 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Tuesday, May 28th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 6.03%. The ex-dividend date of this dividend was Friday, May 24th. KeyCorp’s payout ratio is currently 103.80%.

Analyst Ratings Changes

Several brokerages have recently commented on KEY. Wells Fargo & Company increased their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Royal Bank of Canada increased their price objective on KeyCorp from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Keefe, Bruyette & Woods increased their price target on KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Jefferies Financial Group increased their price target on KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, Argus increased their price target on KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $15.97.

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.