KeyCorp $KEY Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its stake in KeyCorp (NYSE:KEY) by 46.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 9,213,303 shares of the financial services provider’s stock after selling 7,950,704 shares during the period. Wellington Management Group LLP’s holdings in KeyCorp were worth $212,367,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC acquired a new position in shares of KeyCorp in the fourth quarter worth $476,000. Woodline Partners LP boosted its stake in shares of KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after acquiring an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after acquiring an additional 1,890 shares during the last quarter. Cresset Asset Management LLC increased its position in KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in KeyCorp during the 2nd quarter worth about $186,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

NYSE KEY opened at $21.63 on Tuesday. The business’s 50-day moving average price is $22.82 and its 200 day moving average price is $21.75. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The company has a market capitalization of $23.08 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the company earned $0.35 EPS. On average, research analysts predict that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The business 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

KeyCorp declared that its board has authorized a share buyback 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 buy up to 13% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

KEY has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upped their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. DA Davidson reiterated a “buy” rating and set a $28.00 price target on shares of KeyCorp in a report on Wednesday, July 22nd. Wells Fargo & Company boosted their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Truist Financial raised their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.14.

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.