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

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

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. United Community Bank acquired a new stake in KeyCorp in the third quarter valued at approximately $27,000. Sachetta LLC lifted its holdings in shares of KeyCorp by 1,246.1% in the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 1,595 shares in the last quarter. Kelleher Financial Advisors bought a new position in shares of KeyCorp in the 3rd quarter worth $32,000. Elevation Point Wealth Partners LLC bought a new stake in KeyCorp during the 2nd quarter valued at $36,000. Finally, Root Financial Partners LLC acquired a new position in KeyCorp during the third quarter worth $37,000. Institutional investors own 79.69% of the company’s stock.

Insider Buying and Selling

In other news, Director Trina M. Evans sold 32,695 shares of the stock in a transaction that occurred 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 transaction, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Paine III sold 65,961 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the sale, the insider owned 166,583 shares of the company’s stock, valued at approximately $3,869,723.09. The trade was a 28.36% decrease in their position. 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. Insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Morgan Stanley upped their target price on shares of KeyCorp from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, March 2nd. Citigroup reiterated a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. Keefe, Bruyette & Woods boosted their price objective on KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Finally, TD Cowen reissued a “buy” rating on shares of KeyCorp in a research note on Wednesday, January 7th. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, 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’s fifty day simple moving average is $21.26 and its 200 day simple moving average is $19.67. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.34. The firm has a market capitalization of $20.67 billion, a P/E ratio of 12.48, a price-to-earnings-growth 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 firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the prior year, the company earned $0.30 EPS. The business’s revenue for the quarter was up 131.8% on a year-over-year basis. As a group, analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors 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 yield of 4.3%. The ex-dividend date was Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is 53.95%.

About KeyCorp

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.