Thrivent Financial for Lutherans Purchases 407,437 Shares of KeyCorp $KEY

Thrivent Financial for Lutherans lifted its position in KeyCorp (NYSE:KEY) by 8.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,120,276 shares of the financial services provider’s stock after buying an additional 407,437 shares during the period. Thrivent Financial for Lutherans owned about 0.47% of KeyCorp worth $95,698,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in KEY. Geode Capital Management LLC increased its holdings in shares of KeyCorp by 1.5% in the second quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock worth $428,084,000 after acquiring an additional 359,573 shares in the last quarter. Invesco Ltd. grew its position in shares of KeyCorp by 2.4% in the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock valued at $367,783,000 after purchasing an additional 488,730 shares during the period. Norges Bank acquired a new position in shares of KeyCorp in the 2nd quarter valued at approximately $195,642,000. Charles Schwab Investment Management Inc. increased its stake in KeyCorp by 0.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,432,386 shares of the financial services provider’s stock worth $164,312,000 after purchasing an additional 79,670 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in KeyCorp by 12.6% during the 2nd quarter. Bank of America Corp DE now owns 7,843,378 shares of the financial services provider’s stock worth $136,632,000 after buying an additional 879,678 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling at KeyCorp

In related news, Director Trina M. Evans sold 32,695 shares of the business’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the transaction, the director directly owned 58,719 shares in the company, valued at approximately $1,276,551.06. The trade was a 35.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on KEY shares. Barclays upped their price target on shares of KeyCorp from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Monday, January 5th. Jefferies Financial Group upped their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research note on Wednesday, December 10th. DA Davidson set a $25.00 price target on KeyCorp in a research note on Wednesday, January 21st. Piper Sandler boosted their price target on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 9th. Finally, JPMorgan Chase & Co. increased their price objective on KeyCorp from $19.50 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $22.68.

KeyCorp Trading Down 0.6%

KeyCorp stock opened at $21.51 on Friday. The company has a market cap of $23.50 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 0.53 and a beta of 1.09. The firm has a 50-day moving average of $20.52 and a 200-day moving average of $19.02. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. KeyCorp has a one year low of $12.73 and a one year high of $22.07.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.KeyCorp’s revenue was up 131.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.30 earnings per share. On average, equities analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s dividend payout ratio is presently 53.95%.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.