Renaissance Technologies LLC trimmed its position in KeyCorp (NYSE:KEY – Free Report) by 91.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 376,651 shares of the financial services provider’s stock after selling 3,904,500 shares during the period. Renaissance Technologies LLC’s holdings in KeyCorp were worth $7,552,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Maseco LLP acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $27,000. DV Equities LLC acquired a new position in KeyCorp in the 4th quarter valued at approximately $27,000. Smithfield Trust Co bought a new position in shares of KeyCorp during the fourth quarter valued at $31,000. Kelleher Financial Advisors bought a new position in shares of KeyCorp during the third quarter valued at $32,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of KeyCorp during the fourth quarter worth $38,000. 79.69% of the stock is currently owned by institutional investors.
KeyCorp Stock Performance
NYSE KEY opened at $22.82 on Tuesday. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market cap of $24.63 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 0.74 and a beta of 1.03. The company has a fifty day moving average price of $22.62 and a 200-day moving average price of $21.66.
KeyCorp announced that its Board of Directors has approved a share buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
KeyCorp Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.
Insider Activity at KeyCorp
In other news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on KEY. Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. TD Cowen reaffirmed a “buy” rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Susquehanna upped their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. The Goldman Sachs Group increased their price target on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Finally, Keefe, Bruyette & Woods raised their price objective on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $49.14.
Read Our Latest Stock Report on KEY
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.
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