Interval Partners LP Buys 303,842 Shares of KeyCorp $KEY

Key Points

• Interval Partners LP boosted its stake in KeyCorp by 40.3% in Q3, buying 303,842 shares to hold 1,057,108 shares (about 0.10%) valued at roughly $19.76 million.
• Company insiders have been net sellers recently — selling 161,506 shares worth about $3.6 million over the past three months, including large sales by Andrew J. Paine III and director Trina M. Evans; insiders now own 0.52% of the stock.
• Analysts give KeyCorp a consensus rating of "Moderate Buy" with an average price target of $23.03, and the company pays a quarterly dividend of $0.205 (a 4.3% yield).

Interval Partners LP increased its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 40.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,057,108 shares of the financial services provider's stock after buying an additional 303,842 shares during the quarter. Interval Partners LP owned 0.10% of KeyCorp worth $19,757,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. United Community Bank bought a new position in KeyCorp during the 3rd quarter valued at $27,000. Sachetta LLC grew its stake in shares of KeyCorp by 1,246.1% in the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider's stock worth $32,000 after acquiring an additional 1,595 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of KeyCorp in the third quarter valued at about $37,000. Elevation Point Wealth Partners LLC bought a new position in shares of KeyCorp during the second quarter valued at about $36,000. Finally, Capital A Wealth Management LLC lifted its position in shares of KeyCorp by 252.8% during the second quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 1,603 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at KeyCorp

In other news, insider Andrew J. Paine III sold 65,961 shares of the firm's stock in a transaction on Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the completion of the transaction, the insider directly owned 166,583 shares of the company's stock, valued at $3,869,723.09. This trade represents a 28.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the completion of the transaction, the director owned 58,719 shares of the company's stock, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 161,506 shares of company stock valued at $3,597,481 over the last three months. Company insiders own 0.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KEY. JPMorgan Chase & Co. upped their price objective on shares of KeyCorp from $22.00 to $24.50 and gave the stock a "neutral" rating in a research report on Monday, February 9th. DA Davidson set a $25.00 price target on KeyCorp in a research report on Wednesday, January 21st. Barclays boosted their price objective on KeyCorp from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Monday, January 5th. Stephens lifted their target price on KeyCorp from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, December 18th. Finally, Piper Sandler raised their price objective on shares of KeyCorp from $20.00 to $22.00 and gave the stock an "overweight" rating in a report on Tuesday, December 9th. Twelve 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 stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of "Moderate Buy" and an average price target of $23.03.

KeyCorp Price Performance

KEY opened at $18.88 on Friday. The firm has a 50-day moving average price of $21.31 and a 200-day moving average price of $19.67. KeyCorp has a twelve month low of $12.73 and a twelve month high of $23.34. 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 price-to-earnings ratio of 12.42, a PEG ratio of 0.57 and a beta of 1.08.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The company had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. KeyCorp's revenue was up 131.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.30 EPS. Equities analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $0.82 annualized dividend and a dividend yield of 4.3%. KeyCorp's dividend payout ratio is currently 53.95%.

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.

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