Point72 Europe London LLP Acquires 758,905 Shares of KeyCorp (NYSE:KEY)

Point72 Europe London LLP increased its position in shares of KeyCorp (NYSE:KEY) by 275.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,033,998 shares of the financial services provider’s stock after acquiring an additional 758,905 shares during the period. KeyCorp comprises 1.0% of Point72 Europe London LLP’s holdings, making the stock its 28th largest holding. Point72 Europe London LLP’s holdings in KeyCorp were worth $17,723,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of KEY. Vanguard Group Inc. increased its holdings in KeyCorp by 7.1% in the fourth 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 period. FMR LLC boosted its position in shares of KeyCorp by 7.1% during the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock valued at $761,556,000 after buying an additional 2,938,405 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of KeyCorp by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider’s stock valued at $622,229,000 after purchasing an additional 1,645,296 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of KeyCorp by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after buying an additional 1,452,179 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its position in KeyCorp by 4.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider’s stock worth $465,929,000 after acquiring an additional 1,062,615 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

KEY has been the topic of a number of analyst reports. Barclays lowered their target price on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. StockNews.com raised shares of KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, April 21st. Wells Fargo & Company reiterated an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. Truist Financial reduced their target price on KeyCorp from $18.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Finally, Citigroup reissued a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.97.

Insider Transactions at KeyCorp

In related news, insider Mohit Ramani purchased 10,000 shares of the business’s stock in a transaction on Monday, April 21st. The shares were purchased at an average price of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider now owns 10,000 shares in the company, valued at $137,500. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the transaction, the director now directly owns 37,177 shares of the company’s stock, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is owned by insiders.

KeyCorp Price Performance

Shares of NYSE KEY opened at $16.59 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The business has a 50-day moving average of $15.10 and a 200-day moving average of $16.91. The company has a market capitalization of $18.18 billion, a price-to-earnings ratio of -55.30, a PEG ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data 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. The business 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 period last year, the firm posted $0.20 earnings per share. On average, equities analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.94%. KeyCorp’s dividend payout ratio (DPR) is presently -482.35%.

KeyCorp declared that its board has initiated a share repurchase program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.