Advisors Asset Management Inc. lessened its stake in KeyCorp (NYSE:KEY – Get Rating) by 3.7% in the second quarter, Holdings Channel reports. The firm owned 36,544 shares of the financial services provider’s stock after selling 1,416 shares during the quarter. Advisors Asset Management Inc.’s holdings in KeyCorp were worth $630,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in KeyCorp by 1.2% during the first quarter. Vanguard Group Inc. now owns 111,201,600 shares of the financial services provider’s stock worth $2,488,691,000 after acquiring an additional 1,278,193 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of KeyCorp by 0.6% during the first quarter. Royal Bank of Canada now owns 21,965,131 shares of the financial services provider’s stock worth $491,578,000 after purchasing an additional 136,741 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of KeyCorp by 5.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 15,127,773 shares of the financial services provider’s stock worth $338,560,000 after purchasing an additional 834,564 shares during the last quarter. First Trust Advisors LP boosted its holdings in KeyCorp by 280.7% in the first quarter. First Trust Advisors LP now owns 11,790,583 shares of the financial services provider’s stock valued at $263,873,000 after acquiring an additional 8,693,488 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in KeyCorp by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 10,232,228 shares of the financial services provider’s stock valued at $229,036,000 after acquiring an additional 85,827 shares during the last quarter. Institutional investors and hedge funds own 83.58% of the company’s stock.
Analyst Ratings Changes
Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their target price on KeyCorp from $26.50 to $23.00 and set a “hold” rating on the stock in a report on Monday, September 12th. Royal Bank of Canada dropped their price target on KeyCorp from $29.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 21st. Morgan Stanley dropped their price target on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 5th. TheStreet raised KeyCorp from a “c+” rating to a “b” rating in a research note on Thursday, November 10th. Finally, Wedbush reissued a “neutral” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Wednesday, September 28th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $21.64.
KeyCorp Stock Performance
KeyCorp (NYSE:KEY – Get Rating) last announced its quarterly earnings data on Thursday, October 20th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.03). KeyCorp had a return on equity of 15.81% and a net margin of 26.66%. During the same period in the prior year, the firm posted $0.65 earnings per share. As a group, equities research analysts predict that KeyCorp will post 2.13 EPS for the current fiscal year.
KeyCorp Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 29th will be given a dividend of $0.205 per share. This is a boost from KeyCorp’s previous quarterly dividend of $0.20. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.41%. KeyCorp’s dividend payout ratio (DPR) is 35.78%.
Insider Buying and Selling
In other news, Director Carlton L. Highsmith sold 5,200 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $17.59, for a total transaction of $91,468.00. Following the transaction, the director now directly owns 64,139 shares in the company, valued at approximately $1,128,205.01. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.54% 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 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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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