KeyCorp (KEY) Shares Sold by Cubist Systematic Strategies LLC
Cubist Systematic Strategies LLC decreased its stake in KeyCorp (NYSE:KEY) by 72.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,449 shares of the financial services provider’s stock after selling 48,144 shares during the period. Cubist Systematic Strategies LLC’s holdings in KeyCorp were worth $347,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of KeyCorp by 3.9% in the second quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after acquiring an additional 4,230,390 shares during the last quarter. BlackRock Inc. boosted its stake in KeyCorp by 2.7% during the second quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock worth $1,624,654,000 after buying an additional 2,280,450 shares in the last quarter. Boston Partners acquired a new stake in KeyCorp during the third quarter worth $356,111,000. Northern Trust Corp boosted its stake in KeyCorp by 1.9% during the second quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock worth $232,925,000 after buying an additional 231,558 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in KeyCorp by 0.5% during the third quarter. Bessemer Group Inc. now owns 12,065,873 shares of the financial services provider’s stock worth $227,079,000 after buying an additional 64,958 shares in the last quarter. Institutional investors and hedge funds own 80.91% of the company’s stock.
Shares of KeyCorp (NYSE:KEY) opened at $20.17 on Wednesday. KeyCorp has a 52 week low of $16.28 and a 52 week high of $20.58. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.06. The company has a market cap of $21,690.82, a price-to-earnings ratio of 17.69, a PEG ratio of 1.68 and a beta of 1.10.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th were paid a $0.105 dividend. This represents a $0.42 annualized dividend and a dividend yield of 2.08%. The ex-dividend date was Monday, November 27th. This is an increase from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s payout ratio is currently 36.84%.
In other news, General Counsel Paul N. Harris sold 2,758 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $18.54, for a total value of $51,133.32. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Andrew J. Paine III sold 46,854 shares of the business’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total transaction of $869,610.24. Following the completion of the sale, the insider now owns 110,052 shares in the company, valued at approximately $2,042,565.12. The disclosure for this sale can be found here. Insiders sold a total of 57,212 shares of company stock worth $1,060,508 in the last 90 days. 0.65% of the stock is owned by corporate insiders.
A number of research firms have weighed in on KEY. Barclays lifted their price target on shares of KeyCorp from $19.00 to $23.00 and gave the stock an “underweight” rating in a research note on Tuesday. CIBC reiterated a “buy” rating on shares of KeyCorp in a research note on Friday, December 8th. Stephens upgraded shares of KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 price target on the stock in a research note on Thursday, December 14th. Oppenheimer reiterated a “hold” rating on shares of KeyCorp in a research note on Friday, October 20th. Finally, Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Tuesday, December 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $21.56.
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KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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