UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 1,583,573 Shares of KeyCorp $KEY

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in shares of KeyCorp (NYSE:KEY) by 19.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,554,367 shares of the financial services provider’s stock after selling 1,583,573 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in KeyCorp were worth $151,078,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KEY. Brighton Jones LLC acquired a new position in KeyCorp during the fourth quarter worth $476,000. Woodline Partners LP lifted its position in KeyCorp by 41.4% during the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after buying an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of KeyCorp by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after buying an additional 1,890 shares during the last quarter. Cresset Asset Management LLC boosted its stake in shares of KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after buying an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of KeyCorp in the 2nd quarter valued at about $186,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Trading Down 1.9%

KeyCorp stock opened at $21.20 on Wednesday. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market capitalization of $22.62 billion, a P/E ratio of 12.33, a PEG ratio of 0.71 and a beta of 1.02. The stock has a 50-day simple moving average of $22.78 and a 200 day simple moving average of $21.74.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share. Analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp declared that its board has approved a share buyback program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio is 47.67%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on KEY shares. Truist Financial lifted their target price on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Susquehanna raised their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Keefe, Bruyette & Woods boosted their price target on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada upped their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Finally, DA Davidson reissued a “buy” rating and issued a $28.00 price objective on shares of KeyCorp in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

KeyCorp Company Profile

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.