426,559 Shares in KeyCorp $KEY Purchased by Cinctive Capital Management LP

Cinctive Capital Management LP acquired a new position in KeyCorp (NYSE:KEY) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 426,559 shares of the financial services provider’s stock, valued at approximately $8,804,000.

Several other hedge funds have also recently bought and sold shares of the business. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in KeyCorp by 4.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 28,580 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 1,283 shares in the last quarter. Boothbay Fund Management LLC lifted its stake in KeyCorp by 27.1% in the 4th quarter. Boothbay Fund Management LLC now owns 27,490 shares of the financial services provider’s stock worth $567,000 after acquiring an additional 5,869 shares in the last quarter. Bridgeway Capital Management LLC purchased a new stake in KeyCorp in the 4th quarter worth about $1,781,000. Freestone Grove Partners LP purchased a new stake in KeyCorp in the 4th quarter worth about $31,328,000. Finally, Schonfeld Strategic Advisors LLC lifted its stake in KeyCorp by 6.8% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 1,014,534 shares of the financial services provider’s stock worth $20,940,000 after acquiring an additional 64,946 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on KEY. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Robert W. Baird raised their price target on KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, April 17th. Stephens assumed coverage on KeyCorp in a research note on Monday. They set an “overweight” rating and a $26.00 price target for the company. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.13.

KeyCorp Stock Down 0.8%

Shares of KEY stock opened at $22.57 on Thursday. The stock’s 50 day simple moving average is $21.66 and its 200 day simple moving average is $21.07. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. KeyCorp has a twelve month low of $15.68 and a twelve month high of $23.34. The company has a market capitalization of $24.47 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the business earned $0.38 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, research analysts predict that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

KeyCorp announced that its board has initiated a share buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.56% of the company’s stock.

KeyCorp Company 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.