Cinctive Capital Management LP Invests $2.97 Million in KeyCorp (NYSE:KEY)

Cinctive Capital Management LP acquired a new stake in KeyCorp (NYSE:KEY) during the third quarter, according to its most recent 13F filing with the SEC. The fund acquired 177,003 shares of the financial services provider’s stock, valued at approximately $2,965,000.

Other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. bought a new stake in shares of KeyCorp in the third quarter valued at approximately $406,000. Azora Capital LP bought a new position in KeyCorp in the 3rd quarter worth approximately $92,413,000. Paloma Partners Management Co grew its stake in KeyCorp by 364.8% in the 3rd quarter. Paloma Partners Management Co now owns 58,500 shares of the financial services provider’s stock valued at $980,000 after buying an additional 45,915 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in KeyCorp during the 3rd quarter valued at $185,000. Finally, Hantz Financial Services Inc. lifted its position in shares of KeyCorp by 4.6% during the third quarter. Hantz Financial Services Inc. now owns 437,343 shares of the financial services provider’s stock worth $7,326,000 after acquiring an additional 19,393 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Trading Down 1.9 %

KEY stock opened at $19.11 on Tuesday. KeyCorp has a one year low of $12.76 and a one year high of $20.04. The company has a market capitalization of $18.94 billion, a PE ratio of 1,911.00, a price-to-earnings-growth ratio of 1.07 and a beta of 1.25. The company’s 50 day moving average price is $17.88 and its two-hundred day moving average price is $16.15. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.88 and a current ratio of 0.88.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.59 billion. As a group, analysts predict that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.29%. KeyCorp’s dividend payout ratio is presently 8,200.00%.

Analyst Ratings Changes

KEY has been the subject of several recent research reports. Baird R W cut KeyCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Morgan Stanley upped their price target on KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Royal Bank of Canada increased their price target on shares of KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Evercore ISI boosted their price objective on shares of KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Finally, The Goldman Sachs Group increased their target price on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.26.

Insider Activity at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 9,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the sale, the director now owns 37,864 shares in the company, valued at approximately $648,988.96. This represents a 19.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Angela G. Mago sold 15,011 shares of KeyCorp stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total transaction of $294,065.49. Following the transaction, the insider now owns 234,582 shares of the company’s stock, valued at $4,595,461.38. The trade was 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 owned by corporate insiders.

KeyCorp Company 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.