Magnetar Financial LLC Grows Position in KeyCorp (NYSE:KEY)

Magnetar Financial LLC increased its position in KeyCorp (NYSE:KEY) by 52.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 213,881 shares of the financial services provider’s stock after purchasing an additional 73,392 shares during the quarter. Magnetar Financial LLC’s holdings in KeyCorp were worth $3,666,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in shares of KeyCorp by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock valued at $566,626,000 after purchasing an additional 1,452,179 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of KeyCorp by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock valued at $119,170,000 after purchasing an additional 222,187 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of KeyCorp by 5.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider’s stock valued at $105,829,000 after purchasing an additional 322,150 shares during the period. Victory Capital Management Inc. lifted its stake in shares of KeyCorp by 57.0% in the 4th quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock valued at $101,916,000 after purchasing an additional 2,157,901 shares during the period. Finally, Azora Capital LP purchased a new position in shares of KeyCorp in the 3rd quarter valued at approximately $92,413,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

KEY has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lowered their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Stephens reiterated an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Barclays lifted their price objective on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, DA Davidson lowered their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.64.

KeyCorp Stock Performance

Shares of KEY opened at $16.11 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The firm has a market capitalization of $17.80 billion, a P/E ratio of -53.69, a PEG ratio of 0.65 and a beta of 1.26. The business has a fifty day moving average of $17.09 and a 200 day moving average of $17.40.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.09%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is currently -273.33%.

KeyCorp announced that its Board of Directors has approved a stock buyback program on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

KeyCorp Profile

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.