Hudson Bay Capital Management LP Purchases Shares of 25,523 KeyCorp $KEY

Hudson Bay Capital Management LP purchased a new position in shares of KeyCorp (NYSE:KEY) during the 3rd quarter, Holdings Channel reports. The fund purchased 25,523 shares of the financial services provider’s stock, valued at approximately $477,000.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at about $476,000. Woodline Partners LP boosted its position in KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after purchasing an additional 24,627 shares during the last quarter. Creative Planning boosted its position in KeyCorp by 10.5% during the second quarter. Creative Planning now owns 142,525 shares of the financial services provider’s stock valued at $2,483,000 after purchasing an additional 13,493 shares during the last quarter. Prudential PLC grew its stake in KeyCorp by 171.8% in the second quarter. Prudential PLC now owns 32,080 shares of the financial services provider’s stock valued at $559,000 after purchasing an additional 20,277 shares in the last quarter. Finally, DNB Asset Management AS grew its stake in KeyCorp by 1.4% in the second quarter. DNB Asset Management AS now owns 167,042 shares of the financial services provider’s stock valued at $2,910,000 after purchasing an additional 2,257 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other KeyCorp news, insider Angela G. Mago sold 62,850 shares of the stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the transaction, the insider owned 261,415 shares in the company, valued at $5,633,493.25. This represents a 19.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the transaction, the insider directly owned 166,583 shares in the company, valued at $3,869,723.09. This represents a 28.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 161,506 shares of company stock worth $3,597,481 in the last quarter. 0.52% of the stock is currently owned by corporate insiders.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $19.65 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market cap of $21.41 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 0.58 and a beta of 1.08. The stock’s fifty day moving average price is $21.06 and its two-hundred day moving average price is $19.68. KeyCorp has a one year low of $12.73 and a one year high of $23.34.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The company had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The company’s revenue was up 131.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. On average, equities analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a $0.205 dividend. The ex-dividend date was Tuesday, March 3rd. This represents a $0.82 annualized dividend and a yield of 4.2%. KeyCorp’s payout ratio is 53.95%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on KEY shares. Morgan Stanley upped their price objective on KeyCorp from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Truist Financial decreased their target price on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research note on Monday. Evercore boosted their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Robert W. Baird set a $19.00 price target on shares of KeyCorp and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Finally, Stephens increased their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.97.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.