Fifth Third Bancorp Raises Stock Position in KeyCorp $KEY

Fifth Third Bancorp boosted its position in shares of KeyCorp (NYSE:KEY) by 2.9% in the second quarter, HoldingsChannel reports. The fund owned 78,987 shares of the financial services provider’s stock after purchasing an additional 2,196 shares during the quarter. Fifth Third Bancorp’s holdings in KeyCorp were worth $1,376,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of KEY. Tompkins Financial Corp acquired a new position in shares of KeyCorp during the second quarter worth $26,000. Zions Bancorporation National Association UT acquired a new position in KeyCorp during the 1st quarter valued at about $28,000. FSC Wealth Advisors LLC purchased a new stake in KeyCorp in the first quarter valued at about $34,000. Allworth Financial LP boosted its holdings in KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 1,543 shares in the last quarter. Finally, NBC Securities Inc. boosted its holdings in KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 2,478 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Trading Up 0.4%

Shares of KeyCorp stock opened at $18.89 on Friday. The stock has a market cap of $20.71 billion, a PE ratio of -269.79, a price-to-earnings-growth ratio of 0.66 and a beta of 1.15. The firm has a fifty day moving average price of $18.58 and a 200 day moving average price of $16.86. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the firm earned $0.25 EPS. Equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.3%. KeyCorp’s payout ratio is presently -1,171.43%.

Insiders Place Their Bets

In related news, insider Andrew J. Paine III sold 44,953 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the completion of the transaction, the insider directly owned 245,044 shares in the company, valued at $4,726,898.76. The trade was a 15.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the sale, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. This trade represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,102 shares of company stock worth $3,299,664. Corporate insiders own 0.52% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Truist Financial increased their price objective on shares of KeyCorp from $17.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, July 28th. Robert W. Baird cut shares of KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Wednesday, July 2nd. Baird R W downgraded shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 2nd. DA Davidson upped their target price on KeyCorp from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. Finally, Citigroup restated a “neutral” rating and issued a $20.00 target price (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Ten investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.58.

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; commercial leasing, investment management, consumer finance; 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.