Magnetar Financial LLC Purchases 73,392 Shares of KeyCorp (NYSE:KEY)

Magnetar Financial LLC raised its position in KeyCorp (NYSE:KEY) by 52.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,881 shares of the financial services provider’s stock after buying an additional 73,392 shares during the quarter. 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 and other institutional investors also recently made changes to their positions in KEY. OneDigital Investment Advisors LLC raised its stake in shares of KeyCorp by 15.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 16,772 shares of the financial services provider’s stock valued at $281,000 after purchasing an additional 2,256 shares during the period. Natixis Advisors LLC grew its position in KeyCorp by 17.9% during the third quarter. Natixis Advisors LLC now owns 689,469 shares of the financial services provider’s stock worth $11,549,000 after buying an additional 104,689 shares in the last quarter. Pathstone Holdings LLC grew its position in KeyCorp by 1.2% during the third quarter. Pathstone Holdings LLC now owns 205,485 shares of the financial services provider’s stock worth $3,442,000 after buying an additional 2,477 shares in the last quarter. Caprock Group LLC purchased a new position in KeyCorp during the third quarter worth about $354,000. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in KeyCorp during the third quarter worth about $2,704,000. 79.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.61% of the stock is owned by corporate insiders.

KeyCorp Price Performance

KEY opened at $16.11 on Friday. The stock’s 50 day simple moving average is $17.09 and its 200 day simple moving average is $17.40. 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 1 year low of $13.11 and a 1 year high of $20.04. The firm has a market cap of $17.80 billion, a price-to-earnings ratio of -53.69, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its board has authorized a stock repurchase program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

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

Analyst Ratings Changes

KEY has been the subject of several recent analyst reports. Stephens restated an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Morgan Stanley reduced their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. DA Davidson reduced their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Finally, Barclays upped their price objective on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

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.