Magnetar Financial LLC Purchases Shares of 181,055 KeyCorp $KEY

Magnetar Financial LLC purchased a new stake in KeyCorp (NYSE:KEY) in the 3rd quarter, HoldingsChannel reports. The fund purchased 181,055 shares of the financial services provider’s stock, valued at approximately $3,384,000.

A number of other hedge funds also recently made changes to their positions in the stock. Capital World Investors boosted its holdings in KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after acquiring an additional 13,067,326 shares during the last quarter. Capital International Inc. CA raised its holdings in KeyCorp by 248.8% during the 3rd quarter. Capital International Inc. CA now owns 491,455 shares of the financial services provider’s stock worth $9,185,000 after purchasing an additional 350,555 shares during the last quarter. Legal & General Group Plc lifted its position in shares of KeyCorp by 1.1% in the 3rd quarter. Legal & General Group Plc now owns 5,748,496 shares of the financial services provider’s stock worth $107,439,000 after purchasing an additional 61,779 shares during the period. WINTON GROUP Ltd lifted its position in shares of KeyCorp by 166.9% in the 3rd quarter. WINTON GROUP Ltd now owns 641,300 shares of the financial services provider’s stock worth $11,986,000 after purchasing an additional 401,031 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of KeyCorp by 38.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 436,376 shares of the financial services provider’s stock valued at $8,177,000 after purchasing an additional 120,783 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE KEY opened at $19.63 on Thursday. The stock has a market cap of $21.39 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 0.59 and a beta of 1.08. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $23.34. The firm’s 50-day simple moving average is $21.38 and its 200 day simple moving average is $19.67.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The company’s revenue for the quarter was up 131.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 EPS. As a group, research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, March 3rd. This represents a $0.82 annualized dividend and a yield of 4.2%. KeyCorp’s dividend payout ratio is 53.95%.

Insider Buying and Selling

In related news, Director Trina M. Evans sold 32,695 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total value of $710,789.30. Following the completion of the sale, the director directly owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. This represents a 35.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the transaction, the insider owned 166,583 shares in the company, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 161,506 shares of company stock worth $3,597,481. 0.52% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Jefferies Financial Group boosted their target price on shares of KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a report on Wednesday, December 10th. Wells Fargo & Company set a $18.00 price target on shares of KeyCorp and gave the company an “underperform” rating in a research report on Tuesday, January 6th. Argus increased their price target on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada lifted their price objective on KeyCorp from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.03.

KeyCorp Company Profile

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.