Point72 Europe London LLP Buys 148,100 Shares of KeyCorp $KEY

Key Points

• Point72 Europe London LLP increased its stake in KeyCorp, buying 148,100 shares, resulting in a total ownership of 1,182,098 shares, representing about 1.3% of its investment portfolio.
• KeyCorp reported a quarterly earnings per share of $0.35, beating estimates, and a revenue of $1.84 billion, reflecting a 20.6% increase compared to the same quarter last year.
• The company announced a quarterly dividend of $0.205 per share, with a dividend yield of 4.2%, payable on September 15th.

Point72 Europe London LLP grew its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 14.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,182,098 shares of the financial services provider's stock after acquiring an additional 148,100 shares during the quarter. KeyCorp comprises approximately 1.3% of Point72 Europe London LLP's holdings, making the stock its 23rd largest position. Point72 Europe London LLP owned approximately 0.11% of KeyCorp worth $18,902,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its stake in shares of KeyCorp by 4.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider's stock worth $1,101,000 after buying an additional 3,145 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in KeyCorp during the first quarter valued at $2,171,000. Cambridge Investment Research Advisors Inc. grew its stake in KeyCorp by 31.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider's stock valued at $1,787,000 after purchasing an additional 26,615 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in KeyCorp by 4.2% in the first quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider's stock valued at $6,068,000 after purchasing an additional 15,367 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of KeyCorp by 41.9% during the 1st quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider's stock worth $332,000 after acquiring an additional 6,135 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Analysts Set New Price Targets

KEY has been the subject of several research analyst reports. Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price objective for the company. in a research report on Wednesday, July 2nd. Citigroup reissued a "neutral" rating and issued a $20.00 target price (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Bank of America increased their price target on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Jefferies Financial Group assumed coverage on KeyCorp in a research report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 price objective on the stock. Finally, Truist Financial raised their price target on KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Monday, July 28th. Ten analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, KeyCorp presently has a consensus rating of "Hold" and a consensus target price of $19.39.

KeyCorp Trading Up 1.3%

KeyCorp stock traded up $0.25 during mid-day trading on Thursday, hitting $19.20. 25,627,995 shares of the company's stock were exchanged, compared to its average volume of 17,748,711. The firm has a market capitalization of $21.05 billion, a P/E ratio of -274.21, a PEG ratio of 0.68 and a beta of 1.15. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The company's 50 day simple moving average is $18.30 and its 200-day simple moving average is $16.59.

KeyCorp (NYSE:KEY - Get Free Report) last released 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. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter last year, the business posted $0.25 EPS. The company's revenue for the quarter was up 20.6% on a year-over-year basis. On average, equities analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

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

Insider Buying and Selling

In other news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares in the company, valued at $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction that occurred on Wednesday, July 23rd. The shares were 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 owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. The trade was a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,149 shares of company stock worth $2,738,230. Company 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.