Bank of New York Mellon Corp lowered its stake in shares of KeyCorp (NYSE:KEY – Get Rating) by 0.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,678,851 shares of the financial services provider’s stock after selling 18,446 shares during the quarter. Bank of New York Mellon Corp’s holdings in KeyCorp were worth $139,033,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings 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 buying an additional 1,278,193 shares in the last quarter. BlackRock Inc. grew its holdings in KeyCorp by 1.7% during the third quarter. BlackRock Inc. now owns 84,008,314 shares of the financial services provider’s stock worth $1,345,815,000 after buying an additional 1,414,839 shares in the last quarter. State Street Corp grew its holdings in KeyCorp by 4.9% during the third quarter. State Street Corp now owns 51,201,153 shares of the financial services provider’s stock worth $820,242,000 after buying an additional 2,399,018 shares in the last quarter. Boston Partners grew its stake in KeyCorp by 5.6% in the 3rd quarter. Boston Partners now owns 32,450,273 shares of the financial services provider’s stock valued at $520,135,000 after purchasing an additional 1,718,852 shares during the period. Finally, Royal Bank of Canada grew its stake in KeyCorp by 0.6% in the 1st quarter. Royal Bank of Canada now owns 21,965,131 shares of the financial services provider’s stock valued at $491,578,000 after purchasing an additional 136,741 shares during the period. Institutional investors own 82.11% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have issued reports on KEY. StockNews.com began coverage on KeyCorp in a research note on Thursday. They issued a “sell” rating for the company. Keefe, Bruyette & Woods reduced their price objective on KeyCorp from $20.00 to $19.00 and set a “market perform” rating for the company in a research note on Wednesday, March 8th. Deutsche Bank Aktiengesellschaft reduced their price objective on KeyCorp from $23.00 to $20.00 in a research note on Friday, January 6th. Barclays upgraded KeyCorp from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $21.00 to $24.00 in a research note on Tuesday, January 3rd. Finally, DA Davidson started coverage on KeyCorp in a research note on Tuesday, December 20th. They issued a “buy” rating and a $20.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.87.
KeyCorp Stock Performance
KeyCorp (NYSE:KEY – Get Rating) last issued its quarterly earnings data on Thursday, January 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.17). The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a return on equity of 15.27% and a net margin of 22.46%. During the same period last year, the company posted $0.64 EPS. Research analysts forecast that KeyCorp will post 1.99 EPS for the current fiscal year.
KeyCorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th were issued a $0.205 dividend. The ex-dividend date of this dividend was Monday, February 27th. This represents a $0.82 annualized dividend and a dividend yield of 7.11%. KeyCorp’s payout ratio is currently 42.71%.
Insider Buying and Selling at KeyCorp
In other KeyCorp news, Director Ruth Ann M. Gillis purchased 2,000 shares of the stock in a transaction on Tuesday, March 14th. The shares were purchased at an average price of $12.95 per share, with a total value of $25,900.00. Following the acquisition, the director now directly owns 42,961 shares in the company, valued at approximately $556,344.95. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Angela G. Mago sold 5,352 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $19.95, for a total transaction of $106,772.40. Following the transaction, the insider now directly owns 194,280 shares of the company’s stock, valued at approximately $3,875,886. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ruth Ann M. Gillis acquired 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The shares were purchased at an average cost of $12.95 per share, for a total transaction of $25,900.00. Following the completion of the acquisition, the director now owns 42,961 shares in the company, valued at approximately $556,344.95. The disclosure for this purchase can be found here. Insiders own 0.54% of the company’s stock.
KeyCorp is a bank holding company, which engages in the provision of financial services. It provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.
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