Cinctive Capital Management LP Buys New Shares in KeyCorp $KEY

Key Points

• Cinctive Capital Management LP acquired 344,111 shares of KeyCorp, valued at approximately $5.5 million, in the first quarter.
• KeyCorp's recent quarterly earnings reported an EPS of $0.35, surpassing the consensus estimate by $0.01, with revenues rising 20.6% year-over-year.
• The firm declared a quarterly dividend of $0.205 per share, yielding 4.3%, with an ex-dividend date set for September 2nd.

Cinctive Capital Management LP acquired a new position in KeyCorp (NYSE:KEY - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 344,111 shares of the financial services provider's stock, valued at approximately $5,502,000.

A number of other institutional investors also recently bought and sold shares of KEY. Brighton Jones LLC purchased a new stake in shares of KeyCorp during the fourth quarter valued at approximately $476,000. BNP Paribas Financial Markets grew its position in shares of KeyCorp by 26.8% during the fourth quarter. BNP Paribas Financial Markets now owns 1,823,014 shares of the financial services provider's stock worth $31,246,000 after purchasing an additional 385,066 shares in the last quarter. Captrust Financial Advisors grew its stake in KeyCorp by 6.9% during the fourth quarter. Captrust Financial Advisors now owns 40,895 shares of the financial services provider's stock valued at $701,000 after acquiring an additional 2,645 shares in the last quarter. Collar Capital Management LLC purchased a new stake in shares of KeyCorp in the fourth quarter worth about $2,057,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of KeyCorp during the 4th quarter worth approximately $192,000. 79.69% of the stock is owned by institutional investors.

Insider Activity at KeyCorp

In other news, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the sale, the chief executive officer owned 619,895 shares of the company's stock, valued at $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total value of $317,390.00. Following the sale, the director directly owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. The trade was a 17.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,149 shares of company stock worth $2,738,230. 0.52% of the stock is owned by corporate insiders.

KeyCorp Stock Performance

NYSE KEY traded down $0.01 on Tuesday, hitting $19.15. 22,012,754 shares of the company's stock were exchanged, compared to its average volume of 18,062,504. The firm has a market cap of $20.99 billion, a price-to-earnings ratio of -273.36, a P/E/G ratio of 0.67 and a beta of 1.15. The firm's 50-day moving average price is $18.41 and its two-hundred day moving average price is $16.61. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The firm's quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. On average, research analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.3%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's payout ratio is presently -1,171.43%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on KEY shares. Bank of America raised their target price on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Cowen assumed coverage on shares of KeyCorp in a research note on Wednesday, May 14th. They set a "hold" rating on the stock. Robert W. Baird lowered shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a report on Wednesday, July 2nd. TD Cowen initiated coverage on shares of KeyCorp in a research note on Thursday, May 15th. They set a "hold" rating and a $18.00 target price on the stock. Finally, Baird R W downgraded KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, KeyCorp has an average rating of "Hold" and an average target price of $19.39.

KeyCorp 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.