Moore Capital Management LP Reduces Holdings in KeyCorp (NYSE:KEY)

Moore Capital Management LP cut its position in KeyCorp (NYSE:KEY - Free Report) by 40.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 363,091 shares of the financial services provider's stock after selling 242,062 shares during the quarter. Moore Capital Management LP's holdings in KeyCorp were worth $6,223,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in KeyCorp in the fourth quarter worth about $153,235,000. Vanguard Group Inc. raised its position 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 purchasing an additional 7,754,576 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in KeyCorp in the 4th quarter worth approximately $63,540,000. FMR LLC grew its position in KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after purchasing an additional 2,938,405 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in KeyCorp during the 4th quarter valued at approximately $42,827,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Price Performance

KEY traded up $0.15 during trading on Friday, reaching $16.63. The company's stock had a trading volume of 14,467,741 shares, compared to its average volume of 12,909,115. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a market cap of $18.22 billion, a price-to-earnings ratio of -55.42, a PEG ratio of 0.65 and a beta of 1.08. The firm has a fifty day simple moving average of $15.12 and a two-hundred day simple moving average of $16.90. 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 (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. The firm 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 quarter last year, the company posted $0.20 EPS. As a group, analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

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. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a yield of 4.93%. KeyCorp's dividend payout ratio (DPR) is presently -482.35%.

KeyCorp declared that its board has approved a share buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KEY. Wells Fargo & Company reissued an "overweight" rating on shares of KeyCorp in a report on Thursday, April 17th. DA Davidson cut their price objective on KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, January 22nd. StockNews.com raised KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Truist Financial reduced their price target on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a research report on Tuesday, April 22nd. Finally, Baird R W upgraded shares of KeyCorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Nine analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.92.

Insider Buying and Selling at KeyCorp

In other news, insider Mohit Ramani acquired 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The shares were acquired at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the acquisition, the insider now owns 10,000 shares of the company's stock, valued at $137,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was 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 of the company's stock, valued at approximately $617,138.20. The trade was a 11.85% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate insiders.

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.