574,914 Shares in KeyCorp (NYSE:KEY) Bought by Prospector Partners LLC

Prospector Partners LLC purchased a new stake in shares of KeyCorp (NYSE:KEY) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 574,914 shares of the financial services provider’s stock, valued at approximately $9,630,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in KEY. Dai ichi Life Insurance Company Ltd bought a new stake in KeyCorp during the 3rd quarter valued at approximately $798,000. Truvestments Capital LLC acquired a new position in shares of KeyCorp during the third quarter worth approximately $55,000. Harvest Fund Management Co. Ltd boosted its position in shares of KeyCorp by 1,076.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 7,350 shares of the financial services provider’s stock valued at $123,000 after acquiring an additional 6,725 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of KeyCorp by 12.0% in the third quarter. Daiwa Securities Group Inc. now owns 114,475 shares of the financial services provider’s stock worth $1,917,000 after acquiring an additional 12,299 shares during the last quarter. Finally, Summit Trail Advisors LLC increased its position in KeyCorp by 18.1% during the third quarter. Summit Trail Advisors LLC now owns 25,689 shares of the financial services provider’s stock worth $430,000 after acquiring an additional 3,935 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

KeyCorp stock opened at $19.81 on Tuesday. The firm has a market capitalization of $19.64 billion, a P/E ratio of 1,981.00, a P/E/G ratio of 1.08 and a beta of 1.24. The stock has a fifty day moving average price of $17.62 and a two-hundred day moving average price of $16.00. KeyCorp has a 52-week low of $11.64 and a 52-week high of $20.04. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.03. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. As a group, analysts anticipate that KeyCorp will post 1.09 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Tuesday, December 3rd. KeyCorp’s payout ratio is 8,200.00%.

Wall Street Analyst Weigh In

KEY has been the subject of a number of research reports. Royal Bank of Canada increased their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Wells Fargo & Company increased their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Robert W. Baird lowered KeyCorp from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $18.00 to $17.00 in a research note on Monday, October 14th. Evercore ISI raised their price objective on KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Citigroup lowered KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a report on Thursday, November 7th. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.03.

Insider Activity

In other KeyCorp news, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total value of $154,260.00. Following the transaction, the director now owns 37,864 shares of the company’s stock, valued at approximately $648,988.96. The trade was a 19.20 % 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 this hyperlink. Also, insider Angela G. Mago sold 15,011 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the completion of the sale, the insider now owns 234,582 shares of the company’s stock, valued at approximately $4,595,461.38. This trade represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by corporate insiders.

About KeyCorp

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.