Brevan Howard Capital Management LP Purchases 330,967 Shares of KeyCorp $KEY

Brevan Howard Capital Management LP boosted its position in shares of KeyCorp (NYSE:KEY) by 130.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 584,471 shares of the financial services provider’s stock after purchasing an additional 330,967 shares during the quarter. Brevan Howard Capital Management LP’s holdings in KeyCorp were worth $10,924,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. Geode Capital Management LLC increased its position in shares of KeyCorp by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock valued at $428,084,000 after buying an additional 359,573 shares in the last quarter. Invesco Ltd. increased its position in shares of KeyCorp by 2.4% in the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock valued at $367,783,000 after buying an additional 488,730 shares in the last quarter. Capital World Investors raised its stake in KeyCorp by 169.2% during the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after buying an additional 13,067,326 shares during the period. Finally, Franklin Resources Inc. raised its stake in KeyCorp by 2.6% during the 3rd quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider’s stock worth $295,295,000 after buying an additional 397,523 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

NYSE KEY opened at $18.88 on Friday. The firm’s 50 day moving average is $21.31 and its 200-day moving average is $19.67. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $20.57 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 0.56 and a beta of 1.08. KeyCorp has a 12-month low of $12.73 and a 12-month high of $23.34.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The company had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company’s quarterly revenue was up 131.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 EPS. Equities research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is currently 53.95%.

Analyst Ratings Changes

A number of research analysts have issued reports on KEY shares. Piper Sandler boosted their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Morgan Stanley raised their price target on KeyCorp from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, March 2nd. Weiss Ratings upgraded KeyCorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 25th. DA Davidson set a $25.00 target price on KeyCorp in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. raised their target price on shares of KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a report on Monday, February 9th. 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’s stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.03.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 62,850 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the transaction, the insider owned 261,415 shares of the company’s stock, valued at $5,633,493.25. The trade was a 19.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Trina M. Evans sold 32,695 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total value of $710,789.30. Following the sale, the director owned 58,719 shares in the company, valued at approximately $1,276,551.06. This represents a 35.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 161,506 shares of company stock worth $3,597,481 over the last ninety days. 0.52% of the stock is currently owned by corporate insiders.

KeyCorp 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.