MUFG Americas Holdings Corp Cuts Position in KeyCorp (KEY)
MUFG Americas Holdings Corp lessened its holdings in KeyCorp (NYSE:KEY) by 23.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,330 shares of the financial services provider’s stock after selling 13,681 shares during the quarter. MUFG Americas Holdings Corp’s holdings in KeyCorp were worth $886,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. M&T Bank Corp increased its holdings in KeyCorp by 5.6% in the 4th quarter. M&T Bank Corp now owns 86,925 shares of the financial services provider’s stock worth $1,754,000 after buying an additional 4,576 shares during the period. Xact Kapitalforvaltning AB grew its stake in shares of KeyCorp by 4.8% during the 4th quarter. Xact Kapitalforvaltning AB now owns 240,699 shares of the financial services provider’s stock worth $4,855,000 after purchasing an additional 10,948 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in shares of KeyCorp during the 4th quarter worth approximately $971,000. Patten & Patten Inc. TN grew its stake in shares of KeyCorp by 125.9% during the 4th quarter. Patten & Patten Inc. TN now owns 606,197 shares of the financial services provider’s stock worth $12,227,000 after purchasing an additional 337,842 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of KeyCorp by 351.9% during the 4th quarter. SG Americas Securities LLC now owns 231,408 shares of the financial services provider’s stock worth $4,667,000 after purchasing an additional 180,200 shares during the period. Institutional investors own 81.96% of the company’s stock.
KeyCorp opened at $20.47 on Wednesday, Marketbeat.com reports. KeyCorp has a 1 year low of $20.15 and a 1 year high of $20.61. The firm has a market capitalization of $21.40 billion, a P/E ratio of 15.05, a P/E/G ratio of 1.25 and a beta of 1.05. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.87 and a current ratio of 0.89.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Tuesday, May 29th will be paid a $0.12 dividend. The ex-dividend date is Friday, May 25th. This represents a $0.48 dividend on an annualized basis and a yield of 2.34%. This is a boost from KeyCorp’s previous quarterly dividend of $0.11. KeyCorp’s dividend payout ratio (DPR) is currently 30.88%.
A number of brokerages have recently commented on KEY. UBS raised shares of KeyCorp from a “neutral” rating to a “positive” rating in a research note on Tuesday, April 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $23.00 price objective on shares of KeyCorp in a research note on Thursday, April 5th. BMO Capital Markets dropped their price objective on shares of KeyCorp from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, April 20th. Susquehanna Bancshares raised shares of KeyCorp from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $24.00 to $25.00 in a research note on Tuesday, April 24th. Finally, Morgan Stanley raised their price objective on shares of KeyCorp from $24.50 to $25.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $22.45.
In other KeyCorp news, insider Robert A. Deangelis sold 25,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $21.11, for a total value of $527,750.00. Following the transaction, the insider now owns 175,053 shares in the company, valued at approximately $3,695,368.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward J. Burke sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $19.83, for a total value of $198,300.00. Following the completion of the transaction, the insider now owns 126,526 shares in the company, valued at approximately $2,509,010.58. The disclosure for this sale can be found here. Insiders sold a total of 91,038 shares of company stock worth $1,901,167 in the last 90 days. 0.67% of the stock is currently owned by insiders.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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