KeyCorp $KEY Holdings Raised by Wealthfront Advisers LLC

Wealthfront Advisers LLC grew its stake in shares of KeyCorp (NYSE:KEY) by 5.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 428,971 shares of the financial services provider’s stock after buying an additional 23,475 shares during the quarter. Wealthfront Advisers LLC’s holdings in KeyCorp were worth $8,601,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its holdings in KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Norges Bank acquired a new stake in shares of KeyCorp during the fourth quarter worth approximately $262,688,000. Eurizon Capital SGR S.p.A. purchased a new position in KeyCorp in the fourth quarter valued at about $150,843,000. AQR Capital Management LLC grew its position in KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of KeyCorp by 132.7% during the 4th quarter. Deutsche Bank AG now owns 8,259,754 shares of the financial services provider’s stock valued at $170,481,000 after acquiring an additional 4,709,698 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on KEY shares. Stephens assumed coverage on KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target on the stock. DA Davidson boosted their target price on KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, May 4th. TD Cowen reiterated a “buy” rating and set a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. Wells Fargo & Company increased their price objective on KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Morgan Stanley raised their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.34.

KeyCorp Stock Down 1.8%

NYSE:KEY opened at $23.57 on Friday. The stock has a 50-day moving average price of $22.29 and a two-hundred day moving average price of $21.52. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a market cap of $25.44 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 0.75 and a beta of 1.02.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the company posted $0.38 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts expect that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.

KeyCorp announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.56% of the stock is owned by company insiders.

KeyCorp Company 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.