Magnetar Financial LLC Lowers Stake in KeyCorp (KEY)
Magnetar Financial LLC lowered its stake in shares of KeyCorp (NYSE:KEY) by 72.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 36,913 shares of the financial services provider’s stock after selling 97,190 shares during the quarter. Magnetar Financial LLC’s holdings in KeyCorp were worth $695,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of KeyCorp during the 3rd quarter valued at $145,000. Sun Life Financial INC raised its position in shares of KeyCorp by 80,370.0% during the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after buying an additional 8,037 shares in the last quarter. AllSquare Wealth Management LLC bought a new position in shares of KeyCorp during the 3rd quarter valued at $173,000. Quantbot Technologies LP bought a new position in shares of KeyCorp during the 2nd quarter valued at $174,000. Finally, Connable Office Inc. bought a new position in shares of KeyCorp during the 3rd quarter valued at $195,000. Hedge funds and other institutional investors own 81.20% of the company’s stock.
Several research firms recently commented on KEY. CIBC reaffirmed a “buy” rating on shares of KeyCorp in a report on Friday. Oppenheimer reaffirmed a “hold” rating on shares of KeyCorp in a report on Friday, October 20th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $22.00 target price on shares of KeyCorp in a report on Wednesday, September 27th. Zacks Investment Research lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, October 30th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a report on Thursday, October 19th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. KeyCorp has a consensus rating of “Hold” and a consensus target price of $21.09.
In other KeyCorp news, insider Andrew J. Paine III sold 46,854 shares of the firm’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total value of $869,610.24. Following the sale, the insider now owns 110,052 shares of the company’s stock, valued at approximately $2,042,565.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Elizabeth R. Gile purchased 1,374 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was purchased at an average cost of $18.23 per share, for a total transaction of $25,048.02. Following the acquisition, the director now owns 24,989 shares in the company, valued at $455,549.47. The disclosure for this purchase can be found here. In the last three months, insiders sold 57,212 shares of company stock worth $1,060,508. Insiders own 0.65% of the company’s stock.
Shares of KeyCorp (KEY) traded down $0.16 during trading on Tuesday, reaching $19.73. 9,581,800 shares of the company’s stock were exchanged, compared to its average volume of 10,984,752. The company has a market cap of $21,389.70, a price-to-earnings ratio of 15.07, a PEG ratio of 1.81 and a beta of 1.10. KeyCorp has a 1-year low of $16.28 and a 1-year high of $20.07. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.35. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.56 billion. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The company’s revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 EPS. sell-side analysts expect that KeyCorp will post 1.37 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be issued a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Monday, November 27th. This is a positive change from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s dividend payout ratio (DPR) is 36.84%.
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KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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