Point72 Asset Management L.P. Takes Position in KeyCorp (NYSE:KEY)

Point72 Asset Management L.P. acquired a new stake in KeyCorp (NYSE:KEY - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,201,570 shares of the financial services provider's stock, valued at approximately $20,595,000. Point72 Asset Management L.P. owned about 0.12% of KeyCorp at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in KEY. Norges Bank purchased a new stake in shares of KeyCorp in the 4th quarter valued at $153,235,000. Vanguard Group Inc. boosted its holdings in shares of KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after acquiring an additional 7,754,576 shares during the last quarter. Freestone Grove Partners LP purchased a new stake in shares of KeyCorp in the 4th quarter valued at $63,540,000. FMR LLC boosted its holdings in shares of KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after acquiring an additional 2,938,405 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of KeyCorp in the 4th quarter valued at $42,827,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Price Performance

Shares of NYSE KEY opened at $16.63 on Friday. The firm has a 50-day simple moving average of $15.15 and a 200-day simple moving average of $16.89. The stock has a market capitalization of $18.22 billion, a price-to-earnings ratio of -55.42, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same period in the prior year, the business earned $0.20 earnings per share. On average, equities analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 4.93%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp's payout ratio is currently -482.35%.

KeyCorp declared that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Stephens reissued an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Truist Financial lowered their price target on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. lowered their price target on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Evercore ISI set a $17.00 price target on shares of KeyCorp in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Nine investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.92.

Insider Buying and Selling

In related news, Director Carlton L. Highsmith sold 5,000 shares of the firm'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 completion of the sale, the director now directly owns 37,177 shares in the company, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mohit Ramani acquired 10,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were purchased at an average price of $13.75 per share, with a total value of $137,500.00. Following the completion of the transaction, the insider now owns 10,000 shares of the company's stock, valued at $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is owned by company insiders.

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.

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