Janney Montgomery Scott LLC boosted its position in shares of KeyCorp (NYSE:KEY – Get Rating) by 13.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 297,765 shares of the financial services provider’s stock after buying an additional 35,598 shares during the period. Janney Montgomery Scott LLC’s holdings in KeyCorp were worth $4,770,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in KEY. Federated Hermes Inc. increased its position in KeyCorp by 65.9% during the second quarter. Federated Hermes Inc. now owns 13,608,794 shares of the financial services provider’s stock worth $234,479,000 after buying an additional 5,406,238 shares during the period. Prudential Financial Inc. grew its stake in shares of KeyCorp by 211.6% in the 1st quarter. Prudential Financial Inc. now owns 3,274,208 shares of the financial services provider’s stock valued at $73,277,000 after purchasing an additional 2,223,588 shares during the last quarter. Prana Capital Management LP purchased a new position in shares of KeyCorp in the 2nd quarter valued at approximately $27,775,000. Vanguard Group Inc. grew its stake in shares of KeyCorp by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 111,201,600 shares of the financial services provider’s stock valued at $2,488,691,000 after purchasing an additional 1,278,193 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of KeyCorp by 57.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,885,355 shares of the financial services provider’s stock valued at $49,715,000 after purchasing an additional 1,054,207 shares during the last quarter. Institutional investors and hedge funds own 82.11% of the company’s stock.
Analyst Upgrades and Downgrades
KEY has been the topic of several analyst reports. Morgan Stanley initiated coverage on KeyCorp in a research note on Monday, December 5th. They issued an “equal weight” rating and a $22.00 target price on the stock. Barclays upgraded KeyCorp from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $21.00 to $24.00 in a research note on Tuesday, January 3rd. JPMorgan Chase & Co. downgraded KeyCorp from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $18.50 to $17.00 in a research note on Tuesday, December 13th. DA Davidson initiated coverage on KeyCorp in a research note on Tuesday, December 20th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Royal Bank of Canada decreased 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. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Hold” and an average target price of $20.86.
KeyCorp Stock Performance
KeyCorp (NYSE:KEY – Get Rating) last released its earnings results on Thursday, October 20th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.04). The firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.88 billion. KeyCorp had a net margin of 26.66% and a return on equity of 15.81%. During the same quarter last year, the company posted $0.65 earnings per share. As a group, analysts predict that KeyCorp will post 2.1 earnings per share for the current fiscal year.
KeyCorp Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Tuesday, November 29th were issued a $0.205 dividend. The ex-dividend date of this dividend was Monday, November 28th. This is an increase from KeyCorp’s previous quarterly dividend of $0.20. This represents a $0.82 annualized dividend and a yield of 4.50%. KeyCorp’s payout ratio is 37.61%.
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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