Sequoia Financial Advisors LLC lifted its holdings in shares of KeyCorp (NYSE:KEY – Free Report) by 24.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 135,315 shares of the financial services provider’s stock after acquiring an additional 26,514 shares during the period. Sequoia Financial Advisors LLC’s holdings in KeyCorp were worth $3,119,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank of Nova Scotia bought a new stake in KeyCorp during the 2nd quarter worth approximately $3,636,436,000. BlackRock Inc. purchased a new stake in shares of KeyCorp in the second quarter worth approximately $2,039,113,000. California State Teachers Retirement System lifted its holdings in shares of KeyCorp by 2,126.0% in the second quarter. California State Teachers Retirement System now owns 31,165,167 shares of the financial services provider’s stock valued at $718,357,000 after purchasing an additional 29,765,093 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in shares of KeyCorp during the second quarter valued at approximately $380,244,000. 79.69% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on KEY. Robert W. Baird upped their price target on KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Morgan Stanley lifted their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Stephens started coverage on shares of KeyCorp in a research note on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price for the company. Royal Bank Of Canada increased their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Finally, Truist Financial raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.
KeyCorp Stock Performance
Shares of KEY opened at $21.84 on Friday. The stock has a 50 day moving average of $22.59 and a 200 day moving average of $21.75. The company has a market capitalization of $23.30 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.82 and a beta of 1.02. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.
KeyCorp (NYSE:KEY – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.
KeyCorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.
KeyCorp Profile
KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.
KeyBank’s consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.
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