Twinbeech Capital LP Purchases Shares of 29,515 KeyCorp (NYSE:KEY)

Twinbeech Capital LP bought a new stake in KeyCorp (NYSE:KEY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 29,515 shares of the financial services provider's stock, valued at approximately $506,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. lifted its position in KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 800 shares in the last quarter. Ethos Financial Group LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp in the fourth quarter valued at about $34,000. TCTC Holdings LLC lifted its stake in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after buying an additional 611 shares during the last quarter. Finally, Optiver Holding B.V. acquired a new stake in shares of KeyCorp during the 4th quarter worth about $42,000. Institutional investors own 79.69% of the company's stock.

Analysts Set New Price Targets

KEY has been the subject of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Baird R W raised shares of KeyCorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Citigroup reaffirmed a "buy" rating on shares of KeyCorp in a research report on Thursday, April 17th. Wall Street Zen raised shares of KeyCorp from a "sell" rating to a "hold" rating in a research report on Monday, April 21st. Finally, 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 research report on Tuesday, April 22nd. Eleven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, KeyCorp presently has an average rating of "Moderate Buy" and a consensus target price of $18.86.

KeyCorp Price Performance

Shares of KeyCorp stock traded up $0.02 during midday trading on Wednesday, hitting $15.78. 6,741,865 shares of the company traded hands, compared to its average volume of 12,962,528. The stock has a market cap of $17.29 billion, a price-to-earnings ratio of -52.55, a PEG ratio of 0.65 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm's fifty day moving average price is $15.17 and its 200-day moving average price is $16.78. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the firm posted $0.20 EPS. As a group, sell-side analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date is Tuesday, May 27th. KeyCorp's payout ratio is -482.35%.

KeyCorp announced that its Board of Directors has approved a share buyback plan on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, Director Carlton L. Highsmith sold 5,000 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the transaction, the director now owns 37,177 shares in the company, valued at $617,138.20. The trade was a 11.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mohit Ramani bought 10,000 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the transaction, the insider now directly owns 10,000 shares in the company, valued at $137,500. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate 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.