Point72 Asset Management L.P. Makes New Investment in KeyCorp (NYSE:KEY)

Point72 Asset Management L.P. purchased a new stake in shares of KeyCorp (NYSE:KEY) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,341,544 shares of the financial services provider’s stock, valued at approximately $33,273,000. Point72 Asset Management L.P. owned approximately 0.25% of KeyCorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in KEY. Pathway Financial Advisers LLC purchased a new position in KeyCorp during the first quarter valued at $25,000. Crewe Advisors LLC bought a new stake in shares of KeyCorp during the first quarter valued at approximately $32,000. Quarry LP purchased a new position in shares of KeyCorp during the fourth quarter valued at about $38,000. Fidelis Capital Partners LLC purchased a new stake in shares of KeyCorp in the first quarter worth about $39,000. Finally, Centerpoint Advisors LLC grew its holdings in shares of KeyCorp by 127.7% in the first quarter. Centerpoint Advisors LLC now owns 3,757 shares of the financial services provider’s stock valued at $59,000 after purchasing an additional 2,107 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 10,000 shares of KeyCorp stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $16.21, for a total value of $162,100.00. Following the completion of the sale, the director now directly owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.61% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY opened at $16.56 on Friday. The stock has a 50 day moving average price of $16.09 and a 200 day moving average price of $15.14. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.39. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $15.61 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 0.92 and a beta of 1.25.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. Research analysts predict that KeyCorp will post 1.09 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.95%. The ex-dividend date was Tuesday, August 27th. KeyCorp’s dividend payout ratio (DPR) is 103.80%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of KeyCorp in a research note on Tuesday, August 13th. Jefferies Financial Group raised their price target on shares of KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 19th. DA Davidson upped their price target on shares of KeyCorp from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, July 19th. UBS Group lowered KeyCorp from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $16.00 to $15.00 in a research note on Monday, July 8th. Finally, Evercore ISI reduced their price objective on KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.71.

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.