Lighthouse Investment Partners LLC Lowers Holdings in KeyCorp $KEY

Lighthouse Investment Partners LLC reduced its position in shares of KeyCorp (NYSE:KEY) by 26.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 581,535 shares of the financial services provider’s stock after selling 207,159 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in KeyCorp were worth $10,869,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the period. Geode Capital Management LLC grew its position in shares of KeyCorp by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock worth $428,084,000 after buying an additional 359,573 shares in the last quarter. Invesco Ltd. increased its stake in shares of KeyCorp by 2.4% during the second quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock valued at $367,783,000 after buying an additional 488,730 shares during the period. Capital World Investors raised its holdings in shares of 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 in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of KeyCorp by 2.6% in the third quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider’s stock valued at $295,295,000 after acquiring an additional 397,523 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Andrew J. Paine III sold 65,961 shares of KeyCorp 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 directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the transaction, the insider directly owned 261,415 shares in the company, valued at approximately $5,633,493.25. The trade was a 19.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 161,506 shares of company stock worth $3,597,481 over the last three months. Corporate insiders own 0.52% of the company’s stock.

Analyst Upgrades and Downgrades

KEY has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a report on Monday, February 9th. Barclays boosted their price target on shares of KeyCorp from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Monday, January 5th. TD Cowen reaffirmed a “buy” rating on shares of KeyCorp in a research report on Wednesday, January 7th. Piper Sandler increased their price objective on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Finally, Jefferies Financial Group lifted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a report on Wednesday, December 10th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.03.

KeyCorp Price Performance

KEY opened at $18.88 on Monday. The firm has a market capitalization of $20.57 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 0.56 and a beta of 1.08. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The business’s 50-day moving average is $21.31 and its two-hundred day moving average is $19.67. KeyCorp has a 1 year low of $12.73 and a 1 year high of $23.34.

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

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. 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.