Cinctive Capital Management LP Makes New Investment in KeyCorp $KEY

Key Points

• Cinctive Capital Management initiated a new position in KeyCorp during the fourth quarter, buying 426,559 shares valued at about $8.8 million.
• KeyCorp posted stronger-than-expected quarterly results, reporting EPS of $0.44 versus the $0.41 estimate and revenue of $1.95 billion, up 10.2% year over year.
• The bank also returned capital to shareholders through a 3.6% dividend yield and a newly authorized $3 billion share buyback plan, while analysts currently rate the stock a “Moderate Buy.”

Cinctive Capital Management LP bought a new position in KeyCorp (NYSE:KEY - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 426,559 shares of the financial services provider's stock, valued at approximately $8,804,000.

Several other large investors have also recently added to or reduced their stakes in the stock. MCF Advisors LLC increased its position in KeyCorp by 31.6% in the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider's stock worth $39,000 after buying an additional 456 shares during the period. Prime Capital Investment Advisors LLC increased its position in KeyCorp by 1.7% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider's stock worth $588,000 after buying an additional 486 shares during the period. Harbour Investments Inc. increased its position in KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider's stock worth $66,000 after buying an additional 508 shares during the period. Centennial Wealth Advisory LLC increased its position in KeyCorp by 1.2% in the fourth quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider's stock worth $929,000 after buying an additional 524 shares during the period. Finally, CoreCap Advisors LLC increased its position in KeyCorp by 4.6% in the fourth quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider's stock worth $252,000 after buying an additional 539 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of research analyst reports. Morgan Stanley lowered their price target on KeyCorp from $26.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. DA Davidson raised their price target on KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Monday, May 4th. Jefferies Financial Group raised their price target on KeyCorp from $21.00 to $23.00 and gave the company a "hold" rating in a report on Friday, April 17th. Evercore reissued an "outperform" rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Truist Financial lowered their price target on KeyCorp from $23.00 to $22.00 and set a "hold" rating on the stock in a report on Monday, March 23rd. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $44.13.

KeyCorp Trading Down 0.8%

NYSE:KEY opened at $22.57 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1-year low of $15.68 and a 1-year high of $23.34. The firm has a market capitalization of $24.47 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The stock has a fifty day simple moving average of $21.66 and a 200 day simple moving average of $21.07.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $1.93 billion. During the same quarter last year, the company posted $0.38 EPS. KeyCorp's revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts forecast that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Announces Dividend

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

KeyCorp declared that its board has authorized a share buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction 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 completion of the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.56% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding KEY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KeyCorp (NYSE:KEY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.