Sumitomo Mitsui Trust Holdings Inc. lowered its holdings in KeyCorp (NYSE:KEY) by 37.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,887,169 shares of the financial services provider’s stock after selling 2,330,440 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.40% of KeyCorp worth $47,346,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Schroder Investment Management Group raised its holdings in shares of KeyCorp by 2,485.7% in the 1st quarter. Schroder Investment Management Group now owns 1,342,843 shares of the financial services provider’s stock valued at $13,361,000 after acquiring an additional 1,290,910 shares in the last quarter. MHI Funds LLC purchased a new stake in shares of KeyCorp in the 1st quarter valued at about $797,000. AXA raised its holdings in shares of KeyCorp by 358.2% in the 1st quarter. AXA now owns 58,782 shares of the financial services provider’s stock valued at $609,000 after acquiring an additional 45,952 shares in the last quarter. Squarepoint Ops LLC increased its position in shares of KeyCorp by 46.2% during the 1st quarter. Squarepoint Ops LLC now owns 43,515 shares of the financial services provider’s stock valued at $451,000 after purchasing an additional 13,760 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of KeyCorp by 1.1% during the 1st quarter. Alliancebernstein L.P. now owns 1,855,923 shares of the financial services provider’s stock valued at $19,246,000 after purchasing an additional 19,476 shares during the last quarter. 79.38% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently commented on KEY. BofA Securities lowered KeyCorp from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $15.00 to $12.00 in a research report on Friday, July 10th. Wedbush reiterated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 7th. Nomura Securities reiterated a “hold” rating and set a $10.00 price objective on shares of KeyCorp in a research report on Sunday, April 19th. Stephens lowered KeyCorp from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective on the stock. in a research report on Wednesday, June 3rd. Finally, UBS Group lowered KeyCorp from a “buy” rating to a “neutral” rating in a research report on Monday, May 4th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $18.68.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.07. KeyCorp had a return on equity of 8.52% and a net margin of 15.85%. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter last year, the business posted $0.44 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Sell-side analysts predict that KeyCorp will post 0.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date of this dividend is Monday, August 31st. KeyCorp’s payout ratio is presently 41.11%.
In other news, insider Angela G. Mago sold 3,646 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $12.46, for a total value of $45,429.16. Following the completion of the transaction, the insider now owns 171,829 shares in the company, valued at approximately $2,140,989.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.70% of the company’s stock.
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.
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