Quantitative Investment Management LLC reduced its stake in shares of KeyCorp (NYSE:KEY – Get Rating) by 59.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,347 shares of the financial services provider’s stock after selling 18,150 shares during the period. Quantitative Investment Management LLC’s holdings in KeyCorp were worth $276,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. DeDora Capital Inc. acquired a new stake in KeyCorp during the 1st quarter worth about $28,000. Spectrum Management Group LLC acquired a new stake in shares of KeyCorp during the 1st quarter valued at about $35,000. TCTC Holdings LLC acquired a new stake in shares of KeyCorp during the 1st quarter valued at about $35,000. Canada Pension Plan Investment Board acquired a new stake in shares of KeyCorp during the 1st quarter valued at about $38,000. Finally, Glassman Wealth Services grew its position in shares of KeyCorp by 31.3% during the 4th quarter. Glassman Wealth Services now owns 1,778 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 424 shares during the period. 83.58% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have recently commented on KEY. Wedbush raised their target price on KeyCorp to $21.00 in a research report on Friday, July 22nd. Piper Sandler set a $19.00 target price on KeyCorp in a research report on Monday, June 20th. Citigroup dropped their target price on KeyCorp from $22.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 12th. TheStreet cut KeyCorp from a “b” rating to a “c+” rating in a research report on Wednesday, August 3rd. Finally, The Goldman Sachs Group dropped their target price on KeyCorp from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Tuesday, May 31st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.39.
KeyCorp Trading Up 0.9 %
KeyCorp (NYSE:KEY – Get Rating) last released its earnings results on Thursday, July 21st. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. KeyCorp had a net margin of 28.53% and a return on equity of 15.01%. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company posted $0.72 EPS. The business’s revenue was up 1.1% on a year-over-year basis. Analysts expect that KeyCorp will post 2.24 EPS for the current fiscal year.
KeyCorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Tuesday, August 30th will be issued a dividend of $0.195 per share. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 4.18%. KeyCorp’s dividend payout ratio is currently 34.21%.
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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