The Manufacturers Life Insurance Company Reduces Stock Holdings in KeyCorp $KEY

The Manufacturers Life Insurance Company lowered its stake in KeyCorp (NYSE:KEY) by 35.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,245,525 shares of the financial services provider’s stock after selling 682,896 shares during the period. The Manufacturers Life Insurance Company’s holdings in KeyCorp were worth $28,709,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC raised its holdings in KeyCorp by 24.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 135,315 shares of the financial services provider’s stock worth $3,119,000 after purchasing an additional 26,514 shares in the last quarter. National Pension Service lifted its position in shares of KeyCorp by 2.2% in the 2nd quarter. National Pension Service now owns 627,750 shares of the financial services provider’s stock worth $14,470,000 after purchasing an additional 13,539 shares during the period. WINTON GROUP Ltd boosted its stake in shares of KeyCorp by 1,691.3% during the 2nd quarter. WINTON GROUP Ltd now owns 244,695 shares of the financial services provider’s stock valued at $5,640,000 after purchasing an additional 231,035 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of KeyCorp during the 2nd quarter valued at about $2,162,000. Finally, Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of KeyCorp during the second quarter valued at about $238,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Up 0.5%

NYSE:KEY opened at $21.84 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The firm’s 50-day moving average price is $22.59 and its 200-day moving average price is $21.75. The company has a market capitalization of $23.30 billion, a PE ratio of 12.69, a P/E/G ratio of 0.82 and a beta of 1.02. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the company posted $0.35 EPS. KeyCorp’s revenue was up 6.7% on a year-over-year basis. On average, equities analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. TD Cowen reissued a “buy” rating and issued a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of KeyCorp in a research report on Friday, August 7th. Susquehanna upped their target price on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. DA Davidson reissued a “buy” rating and issued a $28.00 target price on shares of KeyCorp in a research report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods raised their target price on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $49.14.

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.