Lighthouse Investment Partners LLC Reduces Stock Position in KeyCorp $KEY

Lighthouse Investment Partners LLC cut its holdings in KeyCorp (NYSE:KEY) by 26.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 581,535 shares of the financial services provider’s stock after selling 207,159 shares during the period. Lighthouse Investment Partners LLC owned about 0.05% of KeyCorp worth $10,869,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. United Community Bank purchased a new position in KeyCorp in the third quarter worth about $27,000. Sachetta LLC increased its stake in KeyCorp by 1,246.1% during the third quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 1,595 shares during the last quarter. Kelleher Financial Advisors purchased a new stake in KeyCorp during the third quarter valued at approximately $32,000. Elevation Point Wealth Partners LLC purchased a new stake in KeyCorp during the second quarter valued at approximately $36,000. Finally, Root Financial Partners LLC bought a new stake in shares of KeyCorp in the 3rd quarter valued at approximately $37,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Trading Down 1.8%

Shares of NYSE KEY opened at $18.88 on Monday. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $23.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $20.57 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 0.56 and a beta of 1.08. The business’s 50 day moving average price is $21.31 and its 200-day moving average price is $19.67.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The company had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.KeyCorp’s revenue was up 131.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 EPS. On average, sell-side analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, March 3rd. KeyCorp’s payout ratio is currently 53.95%.

Insider Transactions at KeyCorp

In other news, Director Trina M. Evans sold 32,695 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the transaction, the director directly owned 58,719 shares in the company, valued at approximately $1,276,551.06. This represents a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the completion of the transaction, the insider directly owned 261,415 shares in the company, valued at $5,633,493.25. This represents a 19.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 161,506 shares of company stock worth $3,597,481. Insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on KEY. TD Cowen reiterated a “buy” rating on shares of KeyCorp in a report on Wednesday, January 7th. JPMorgan Chase & Co. raised their price target on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Weiss Ratings raised shares of KeyCorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 25th. Wells Fargo & Company set a $18.00 price objective on shares of KeyCorp and gave the company an “underperform” rating in a research report on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods increased their target price on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of “Moderate Buy” and an average target price 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.