Point72 Europe London LLP Acquires 758,905 Shares of KeyCorp (NYSE:KEY)

Point72 Europe London LLP lifted its holdings in shares of KeyCorp (NYSE:KEY) by 275.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,033,998 shares of the financial services provider’s stock after buying an additional 758,905 shares during the quarter. KeyCorp comprises 1.0% of Point72 Europe London LLP’s investment portfolio, making the stock its 28th biggest position. Point72 Europe London LLP owned about 0.10% of KeyCorp worth $17,723,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of KEY. Principal Financial Group Inc. boosted its stake in shares of KeyCorp by 3.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock valued at $19,149,000 after purchasing an additional 36,424 shares in the last quarter. Truist Financial Corp grew its holdings in shares of KeyCorp by 27.1% during the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock valued at $1,643,000 after buying an additional 20,424 shares during the last quarter. Avanza Fonder AB bought a new position in shares of KeyCorp during the fourth quarter valued at $1,618,000. Proficio Capital Partners LLC purchased a new position in shares of KeyCorp during the fourth quarter valued at approximately $1,519,000. Finally, CHURCHILL MANAGEMENT Corp increased its position in shares of KeyCorp by 5.9% during the 4th quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider’s stock valued at $7,976,000 after purchasing an additional 26,047 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Barclays decreased their target price on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Stephens reaffirmed an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Truist Financial decreased their price target on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. Evercore ISI set a $17.00 price objective on shares of KeyCorp in a research note on Monday, April 28th. Finally, DA Davidson decreased their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.97.

Insider Activity at KeyCorp

In related news, insider Mohit Ramani purchased 10,000 shares of the firm’s stock in a transaction dated Monday, April 21st. The shares were acquired at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider now directly owns 10,000 shares of the company’s stock, valued at $137,500. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the transaction, the director now owns 37,177 shares in the company, valued at approximately $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.

KeyCorp Stock Performance

KEY opened at $16.59 on Thursday. The business’s 50 day moving average is $15.10 and its 200-day moving average is $16.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock has a market cap of $18.18 billion, a PE ratio of -55.30, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same period in the previous year, the firm earned $0.20 earnings per share. On average, analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, May 27th will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.94%. KeyCorp’s dividend payout ratio (DPR) is currently -482.35%.

KeyCorp announced that its board has approved a stock buyback plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

KeyCorp Company Profile

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.