Soros Fund Management LLC Sells 472,700 Shares of KeyCorp (NYSE:KEY)

Soros Fund Management LLC cut its stake in KeyCorp (NYSE:KEY) by 36.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 826,400 shares of the financial services provider’s stock after selling 472,700 shares during the period. Soros Fund Management LLC owned about 0.08% of KeyCorp worth $13,842,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Azora Capital LP acquired a new stake in shares of KeyCorp during the third quarter worth approximately $92,413,000. Assenagon Asset Management S.A. grew its position in KeyCorp by 280.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,976,965 shares of the financial services provider’s stock worth $83,364,000 after acquiring an additional 3,668,168 shares during the last quarter. Ceredex Value Advisors LLC increased its holdings in KeyCorp by 112.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock valued at $94,459,000 after purchasing an additional 3,517,755 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in KeyCorp by 108.3% in the third quarter. Thrivent Financial for Lutherans now owns 5,852,233 shares of the financial services provider’s stock worth $98,025,000 after purchasing an additional 3,042,060 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of KeyCorp by 164.9% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,660,680 shares of the financial services provider’s stock valued at $78,066,000 after buying an additional 2,900,971 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 0.1 %

KEY stock opened at $18.73 on Friday. KeyCorp has a twelve month low of $12.94 and a twelve month high of $20.04. The company has a market cap of $18.56 billion, a price-to-earnings ratio of 1,872.50, a P/E/G ratio of 1.03 and a beta of 1.25. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $18.01 and a two-hundred day moving average price of $16.21.

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, topping the consensus estimate of $0.27 by $0.03. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. Analysts anticipate that KeyCorp will post 1.09 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend is Tuesday, December 3rd. KeyCorp’s dividend payout ratio (DPR) is presently 8,200.00%.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the completion of the sale, the director now directly owns 37,864 shares in the company, valued at $648,988.96. This trade represents a 19.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Angela G. Mago sold 15,011 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 234,582 shares in the company, valued at $4,595,461.38. The trade was a 6.01 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on KEY shares. Citigroup lowered KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a research report on Thursday, November 7th. UBS Group raised their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Morgan Stanley boosted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 14th. Evercore ISI raised 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, Piper Sandler lifted their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $19.16.

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.