Alden Global Capital LLC Takes $4.99 Million Position in KeyCorp $KEY

Alden Global Capital LLC bought a new stake in KeyCorp (NYSE:KEY) in the second quarter, HoldingsChannel.com reports. The firm bought 286,297 shares of the financial services provider’s stock, valued at approximately $4,987,000. KeyCorp accounts for 3.1% of Alden Global Capital LLC’s portfolio, making the stock its 12th biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Activest Wealth Management raised its position in KeyCorp by 8,775.0% in the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 1,404 shares in the last quarter. Tompkins Financial Corp acquired a new position in shares of KeyCorp during the second quarter worth about $26,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of KeyCorp during the second quarter worth approximately $36,000. Concord Wealth Partners raised its holdings in KeyCorp by 71.5% in the second quarter. Concord Wealth Partners now owns 2,183 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 910 shares in the last quarter. Finally, Fourth Dimension Wealth LLC raised its holdings in KeyCorp by 45.5% in the second quarter. Fourth Dimension Wealth LLC now owns 2,400 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 750 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on KEY. Truist Financial lowered their price target on shares of KeyCorp from $20.00 to $19.00 and set a “hold” rating for the company in a report on Friday, October 17th. Jefferies Financial Group lifted their price objective on shares of KeyCorp from $18.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, December 1st. Royal Bank Of Canada increased their target price on KeyCorp from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 1st. Wells Fargo & Company raised their price target on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, October 3rd. Finally, UBS Group upped their price objective on KeyCorp from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.91.

KeyCorp Stock Down 0.3%

Shares of NYSE KEY opened at $20.62 on Friday. The business has a 50-day moving average price of $18.07 and a 200 day moving average price of $17.97. The stock has a market cap of $22.54 billion, a PE ratio of 25.46, a price-to-earnings-growth ratio of 0.62 and a beta of 1.11. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.84.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.38 by $0.03. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the company posted ($0.47) earnings per share. The firm’s revenue was up 172.7% compared to the same quarter last year. Equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Tuesday, December 2nd will be given a $0.205 dividend. The ex-dividend date is Tuesday, December 2nd. This represents a $0.82 annualized dividend and a yield of 4.0%. KeyCorp’s dividend payout ratio is 101.23%.

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.