Elo Mutual Pension Insurance Co increased its stake in KeyCorp (NYSE:KEY) by 1.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 70,447 shares of the financial services provider’s stock after purchasing an additional 1,056 shares during the period. Elo Mutual Pension Insurance Co’s holdings in KeyCorp were worth $1,408,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of KEY. Principal Financial Group Inc. increased its position in shares of KeyCorp by 658.6% in the fourth quarter. Principal Financial Group Inc. now owns 12,578,056 shares of the financial services provider’s stock worth $206,406,000 after purchasing an additional 10,919,935 shares during the period. Norges Bank bought a new position in KeyCorp in the fourth quarter valued at about $175,147,000. Boston Partners grew its position in KeyCorp by 11.0% in the fourth quarter. Boston Partners now owns 28,681,895 shares of the financial services provider’s stock valued at $470,670,000 after acquiring an additional 2,839,058 shares during the last quarter. Payden & Rygel bought a new position in KeyCorp in the fourth quarter valued at about $28,808,000. Finally, Morgan Stanley grew its position in KeyCorp by 24.6% in the fourth quarter. Morgan Stanley now owns 5,456,009 shares of the financial services provider’s stock valued at $89,531,000 after acquiring an additional 1,077,597 shares during the last quarter. Institutional investors own 79.58% of the company’s stock.
In other KeyCorp news, CEO Christopher M. Gorman sold 101,878 shares of the business’s stock in a transaction that occurred on Monday, April 26th. The stock was sold at an average price of $21.39, for a total value of $2,179,170.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew J. Paine III sold 35,218 shares of the business’s stock in a transaction that occurred on Monday, April 26th. The shares were sold at an average price of $21.34, for a total value of $751,552.12. Following the completion of the transaction, the insider now directly owns 223,446 shares in the company, valued at $4,768,337.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 397,290 shares of company stock worth $8,901,412. Insiders own 0.56% of the company’s stock.
KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Monday, April 19th. The financial services provider reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.13. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.68 billion. KeyCorp had a return on equity of 11.06% and a net margin of 23.76%. The firm’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 earnings per share. As a group, analysts predict that KeyCorp will post 2.25 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Tuesday, June 1st will be paid a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Friday, May 28th. KeyCorp’s dividend payout ratio (DPR) is presently 58.73%.
A number of research firms have issued reports on KEY. Jefferies Financial Group reiterated a “buy” rating and issued a $24.00 target price on shares of KeyCorp in a research report on Friday, May 7th. Stephens lifted their target price on KeyCorp from $20.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 30th. Wedbush upgraded KeyCorp from a “neutral” rating to an “outperform” rating in a research report on Monday, May 3rd. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “strong-buy” rating and set a $25.00 price target on the stock in a report on Monday, May 3rd. Finally, Royal Bank of Canada boosted their price target on KeyCorp from $20.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, April 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. KeyCorp presently has a consensus rating of “Hold” and an average price target of $24.57.
KeyCorp Company Profile
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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