Vanguard Group Inc. Decreases Holdings in KeyCorp $KEY

Vanguard Group Inc. reduced its stake in KeyCorp (NYSE:KEY) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,619,220 shares of the financial services provider’s stock after selling 1,943,251 shares during the period. Vanguard Group Inc. owned approximately 11.27% of KeyCorp worth $2,310,443,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP lifted its stake in KeyCorp by 2,258.4% during the second quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock worth $44,821,000 after purchasing an additional 2,463,880 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of KeyCorp by 23.2% in the 2nd quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock valued at $1,867,000 after buying an additional 20,228 shares during the period. Prudential Financial Inc. grew its position in shares of KeyCorp by 9.9% during the 2nd quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock valued at $10,018,000 after buying an additional 51,705 shares during the last quarter. HoldCo Asset Management LP acquired a new stake in KeyCorp during the second quarter worth about $86,995,000. Finally, Korea Investment CORP raised its stake in KeyCorp by 175.5% during the second quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock worth $7,791,000 after acquiring an additional 284,928 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Price Performance

Shares of NYSE KEY opened at $21.76 on Friday. The stock has a market cap of $23.78 billion, a P/E ratio of 14.32, a P/E/G ratio of 0.66 and a beta of 1.10. The firm’s 50-day simple moving average is $21.44 and its 200 day simple moving average is $19.40. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $23.34. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55.

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd 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, March 3rd. KeyCorp’s dividend payout ratio (DPR) is currently 53.95%.

Insider Buying and Selling

In other news, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction on Thursday, January 22nd. The stock was 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. This trade represents a 35.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Paine III sold 65,961 shares of the company’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the completion of the sale, the insider owned 166,583 shares of the company’s stock, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 161,506 shares of company stock valued at $3,597,481 over the last quarter. Corporate insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. DA Davidson set a $25.00 target price on KeyCorp in a report on Wednesday, January 21st. Evercore boosted their price objective on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. increased their target price on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Barclays raised their target price on KeyCorp from $20.00 to $24.00 and gave the company an “equal weight” rating in a research note on Monday, January 5th. Finally, The Goldman Sachs Group upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Hold” and an average price target of $22.87.

KeyCorp 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.