Prospector Partners LLC Acquires Shares of 574,914 KeyCorp (NYSE:KEY)

Prospector Partners LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 574,914 shares of the financial services provider’s stock, valued at approximately $9,630,000. Prospector Partners LLC owned about 0.06% of KeyCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Dai ichi Life Insurance Company Ltd bought a new stake in shares of KeyCorp in the 3rd quarter worth about $798,000. Truvestments Capital LLC bought a new stake in KeyCorp in the third quarter valued at $55,000. Harvest Fund Management Co. Ltd lifted its position in KeyCorp by 1,076.0% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 7,350 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 6,725 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of KeyCorp by 12.0% during the third quarter. Daiwa Securities Group Inc. now owns 114,475 shares of the financial services provider’s stock worth $1,917,000 after buying an additional 12,299 shares during the period. Finally, Summit Trail Advisors LLC boosted its position in KeyCorp by 18.1% during the 3rd 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 currently owned by hedge funds and other institutional investors.

Insider Activity at KeyCorp

In other news, Director Carlton L. Highsmith sold 9,000 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total transaction 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. This represents a 19.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Angela G. Mago sold 15,011 shares of the firm’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 ownership of the stock. The disclosure for this sale can be found here. 0.67% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on KEY. Robert W. Baird cut shares of KeyCorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $18.00 to $17.00 in a report on Monday, October 14th. UBS Group boosted their target price on KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Evercore ISI increased their price target on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada upped their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $18.03.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $19.81 on Tuesday. KeyCorp has a one year low of $11.64 and a one year high of $20.04. The business’s 50-day moving average price is $17.62 and its two-hundred day moving average price is $16.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $19.64 billion, a P/E ratio of 1,981.00, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24.

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

KeyCorp Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.14%. KeyCorp’s dividend payout ratio is currently 8,200.00%.

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.