Magnetar Financial LLC Has $3.67 Million Stake in KeyCorp (NYSE:KEY)

Magnetar Financial LLC boosted its holdings in KeyCorp (NYSE:KEY - Free Report) by 52.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 213,881 shares of the financial services provider's stock after purchasing an additional 73,392 shares during the period. Magnetar Financial LLC's holdings in KeyCorp were worth $3,666,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of KEY. Ethos Financial Group LLC acquired a new stake in shares of KeyCorp in the 4th quarter valued at about $27,000. Larson Financial Group LLC raised its stake in KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider's stock valued at $32,000 after buying an additional 918 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in KeyCorp during the 4th quarter worth approximately $34,000. TCTC Holdings LLC grew its position in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after acquiring an additional 611 shares in the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in shares of KeyCorp in the 4th quarter valued at approximately $45,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of KeyCorp stock traded up $0.01 during trading on Tuesday, hitting $16.58. The stock had a trading volume of 14,952,537 shares, compared to its average volume of 12,079,671. The business has a fifty day moving average of $17.07 and a two-hundred day moving average of $17.41. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The firm has a market cap of $18.32 billion, a P/E ratio of -55.26, a PEG ratio of 0.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

Remove Ads

KeyCorp announced that its board has initiated a stock buyback program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.95%. KeyCorp's payout ratio is currently -273.33%.

Insider Activity at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now directly owns 162,983,726 shares of the company's stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Stephens reaffirmed an "overweight" rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley lowered their price objective on shares of KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Citigroup cut their target price on shares of KeyCorp from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Monday. The Goldman Sachs Group upped their target price on KeyCorp from $20.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $18.50 price target on shares of KeyCorp in a report on Monday, February 3rd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.53.

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.