8,902,979 Shares in KeyCorp (NYSE:KEY) Purchased by Norges Bank

Norges Bank purchased a new position in KeyCorp (NYSE:KEY) during the fourth quarter, Holdings Channel reports. The fund purchased 8,902,979 shares of the financial services provider’s stock, valued at approximately $128,203,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. lifted its holdings in KeyCorp by 3.2% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 32,342,547 shares of the financial services provider’s stock valued at $348,006,000 after purchasing an additional 993,215 shares during the last quarter. FMR LLC lifted its holdings in KeyCorp by 14.4% during the third quarter. FMR LLC now owns 31,781,539 shares of the financial services provider’s stock valued at $341,969,000 after purchasing an additional 3,992,226 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in KeyCorp during the third quarter valued at about $274,773,000. Charles Schwab Investment Management Inc. lifted its holdings in KeyCorp by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock valued at $337,191,000 after purchasing an additional 289,258 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in KeyCorp by 8.8% during the third quarter. Northern Trust Corp now owns 10,845,886 shares of the financial services provider’s stock valued at $116,702,000 after purchasing an additional 880,139 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

Shares of KEY stock opened at $14.46 on Friday. The stock has a fifty day moving average of $14.97 and a 200 day moving average of $14.15. KeyCorp has a 52 week low of $9.10 and a 52 week high of $15.86. The firm has a market capitalization of $13.63 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 0.72 and a beta of 1.28. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.72.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.51 billion. KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. KeyCorp’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 EPS. As a group, research analysts expect that KeyCorp will post 1.14 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 28th will be issued a $0.205 dividend. The ex-dividend date of this dividend is Friday, May 24th. This represents a $0.82 dividend on an annualized basis and a yield of 5.67%. KeyCorp’s dividend payout ratio (DPR) is 103.80%.

Analyst Ratings Changes

Several equities research analysts have commented on KEY shares. Evercore ISI upped their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods upped their price target on KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Wells Fargo & Company upped their price target on KeyCorp from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Royal Bank of Canada upped their price target on KeyCorp from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Finally, Piper Sandler upped their price target on KeyCorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.00.

About KeyCorp

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; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.