Jain Global LLC Sells 271,133 Shares of KeyCorp $KEY

Jain Global LLC lowered its holdings in shares of KeyCorp (NYSE:KEY) by 42.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 364,510 shares of the financial services provider’s stock after selling 271,133 shares during the period. Jain Global LLC’s holdings in KeyCorp were worth $6,813,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. United Community Bank bought a new position in KeyCorp in the third quarter valued at about $27,000. Sachetta LLC lifted its holdings in shares of KeyCorp by 1,246.1% in 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 bought a new position in shares of KeyCorp in the third quarter worth about $32,000. Root Financial Partners LLC acquired a new stake in shares of KeyCorp in the 3rd quarter valued at approximately $37,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $36,000. 79.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the completion of the sale, the insider owned 166,583 shares of the company’s stock, valued at $3,869,723.09. This trade represents a 28.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the sale, the director owned 58,719 shares of the company’s stock, valued at $1,276,551.06. This represents a 35.77% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 161,506 shares of company stock worth $3,597,481. Corporate insiders own 0.52% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup reissued a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. TD Cowen reaffirmed a “buy” rating on shares of KeyCorp in a research note on Wednesday, January 7th. Evercore upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Morgan Stanley increased their price target on KeyCorp from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. Finally, JPMorgan Chase & Co. raised their price objective on KeyCorp from $22.00 to $24.50 and gave the company a “neutral” rating in a report on Monday, February 9th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.03.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $18.97 on Tuesday. The business has a 50-day moving average price of $21.26 and a two-hundred day moving average price of $19.67. KeyCorp has a 1-year low of $12.73 and a 1-year high of $23.34. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. The company has a market cap of $20.67 billion, a P/E ratio of 12.48, a PEG ratio of 0.56 and a beta of 1.08.

KeyCorp (NYSE:KEY) last announced 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. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the previous year, the business earned $0.30 EPS. The firm’s revenue was up 131.8% compared to the same quarter last year. As a group, analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were issued 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 was Tuesday, March 3rd. KeyCorp’s dividend payout ratio is presently 53.95%.

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.