Jump Financial LLC Sells 700,739 Shares of KeyCorp $KEY

Key Points

• Jump Financial LLC significantly reduced its stake in KeyCorp, owning only 54,170 shares after selling 700,739 shares during the 1st quarter, with holdings valued at $866,000.
• Brokerages have raised their price targets for KeyCorp, with Wells Fargo setting a new target of $20.00 and UBS Group raising it to $22.00, indicating a strong buy sentiment.
• KeyCorp reported a quarterly earnings per share (EPS) of $0.35, surpassing analysts' estimates, with a revenue of $1.84 billion for the quarter, reflecting a year-over-year increase of 20.6%.

Jump Financial LLC reduced its position in KeyCorp (NYSE:KEY - Free Report) by 92.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 54,170 shares of the financial services provider's stock after selling 700,739 shares during the quarter. Jump Financial LLC's holdings in KeyCorp were worth $866,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in KEY. Northwestern Mutual Wealth Management Co. lifted its stake in shares of KeyCorp by 20.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 54,889 shares of the financial services provider's stock valued at $878,000 after purchasing an additional 9,437 shares during the period. Sax Wealth Advisors LLC acquired a new stake in shares of KeyCorp during the 1st quarter valued at approximately $187,000. Norinchukin Bank The boosted its stake in shares of KeyCorp by 15.8% during the 1st quarter. Norinchukin Bank The now owns 52,081 shares of the financial services provider's stock worth $833,000 after acquiring an additional 7,116 shares in the last quarter. Summit Financial LLC grew its holdings in shares of KeyCorp by 8.9% in the 1st quarter. Summit Financial LLC now owns 16,675 shares of the financial services provider's stock worth $267,000 after acquiring an additional 1,360 shares during the period. Finally, Rhino Investment Partners Inc boosted its position in shares of KeyCorp by 162.0% in the 1st quarter. Rhino Investment Partners Inc now owns 1,954,655 shares of the financial services provider's stock worth $31,255,000 after buying an additional 1,208,719 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Trading Up 1.2%

Shares of KEY traded up $0.23 during midday trading on Thursday, hitting $19.18. The stock had a trading volume of 16,472,604 shares, compared to its average volume of 17,689,521. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The firm has a market cap of $21.03 billion, a P/E ratio of -274.07, a price-to-earnings-growth ratio of 0.68 and a beta of 1.15. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The business has a 50-day simple moving average of $18.30 and a two-hundred day simple moving average of $16.59.

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

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is presently -1,171.43%.

Analysts Set New Price Targets

Several research analysts recently weighed in on KEY shares. Citigroup reissued a "neutral" rating and issued a $20.00 target price (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Robert W. Baird cut shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target on the stock. in a report on Wednesday, July 2nd. Jefferies Financial Group began coverage on KeyCorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price objective for the company. Baird R W downgraded KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Finally, DA Davidson raised their price target on KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Ten research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, KeyCorp has a consensus rating of "Hold" and a consensus price target of $19.39.

Insider Transactions at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. The trade was a 15.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Amy G. Brady sold 19,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider directly owned 82,523 shares of the company's stock, valued at $1,327,795.07. The trade was a 18.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 148,149 shares of company stock worth $2,738,230 in the last three months. Insiders own 0.52% of the company's stock.

About KeyCorp

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.