KeyCorp (NYSE:KEY) Shares Sold by Two Sigma Investments LP

Two Sigma Investments LP trimmed its stake in shares of KeyCorp (NYSE:KEY) by 28.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 109,111 shares of the financial services provider’s stock after selling 43,822 shares during the quarter. Two Sigma Investments LP’s holdings in KeyCorp were worth $1,870,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. increased its position in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC acquired a new position in KeyCorp during the fourth quarter worth $27,000. SBI Securities Co. Ltd. purchased a new position in KeyCorp in the fourth quarter worth $34,000. TCTC Holdings LLC lifted its holdings in KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 611 shares during the period. Finally, Optiver Holding B.V. purchased a new stake in shares of KeyCorp during the 4th quarter worth $42,000. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

NYSE:KEY opened at $15.80 on Tuesday. The company has a market cap of $17.31 billion, a P/E ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.08. The firm’s 50 day moving average is $15.12 and its two-hundred day moving average is $16.67. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the firm earned $0.20 earnings per share. Analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.19%. The ex-dividend date of this dividend is Tuesday, May 27th. KeyCorp’s payout ratio is -482.35%.

KeyCorp announced that its board has authorized a share repurchase program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on KEY. Wells Fargo & Company reiterated an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. JPMorgan Chase & Co. reduced their price target on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Morgan Stanley restated an “equal weight” rating on shares of KeyCorp in a report on Thursday, April 17th. Cowen assumed coverage on KeyCorp in a report on Wednesday, May 14th. They set a “hold” rating for the company. Finally, Truist Financial decreased their target price on KeyCorp from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Eleven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.86.

Insider Transactions at KeyCorp

In other news, Director Carlton L. Highsmith sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the completion of the sale, the director now directly owns 37,177 shares in the company, valued at $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mohit Ramani purchased 10,000 shares of KeyCorp stock in a transaction that occurred on Monday, April 21st. The stock was acquired at an average cost of $13.75 per share, with a total value of $137,500.00. Following the acquisition, the insider now directly owns 10,000 shares of the company’s stock, valued at $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.52% of the company’s stock.

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.