Daiwa Securities Group Inc. Grows Stake in KeyCorp (NYSE:KEY)

Daiwa Securities Group Inc. increased its position in KeyCorp (NYSE:KEYFree Report) by 9.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 92,487 shares of the financial services provider’s stock after acquiring an additional 7,635 shares during the period. Daiwa Securities Group Inc.’s holdings in KeyCorp were worth $1,462,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of KEY. Charles Schwab Investment Management Inc. raised its stake in shares of KeyCorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock worth $337,191,000 after buying an additional 289,258 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of KeyCorp by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,284,913 shares of the financial services provider’s stock worth $148,116,000 after buying an additional 902,032 shares during the period. Norges Bank bought a new stake in shares of KeyCorp during the fourth quarter worth $128,203,000. Ceredex Value Advisors LLC purchased a new stake in KeyCorp in the 4th quarter valued at about $64,421,000. Finally, Azora Capital LP boosted its holdings in shares of KeyCorp by 158.2% in the fourth quarter. Azora Capital LP now owns 3,598,774 shares of the financial services provider’s stock valued at $51,822,000 after purchasing an additional 2,204,720 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on KEY shares. UBS Group lowered KeyCorp from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $16.00 to $15.00 in a report on Monday. JPMorgan Chase & Co. reduced their target price on KeyCorp from $17.50 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Keefe, Bruyette & Woods raised their price target on KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Royal Bank of Canada restated an “outperform” rating and set a $41.00 price target on shares of KeyCorp in a research note on Tuesday, June 25th. Finally, Evercore ISI decreased their price objective on shares of KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.24.

View Our Latest Research Report on KEY

KeyCorp Price Performance

Shares of NYSE KEY opened at $14.29 on Wednesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $13.47 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 0.71 and a beta of 1.26. The firm’s 50 day simple moving average is $14.31 and its 200-day simple moving average is $14.46. KeyCorp has a 12 month low of $9.46 and a 12 month high of $15.86.

KeyCorp (NYSE:KEYGet Free Report) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the prior year, the business posted $0.44 EPS. The firm’s quarterly revenue was down 10.6% compared to the same quarter last year. Analysts expect that KeyCorp will post 1.13 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Tuesday, May 28th were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.82 dividend on an annualized basis and a yield of 5.74%. KeyCorp’s dividend payout ratio is currently 103.80%.

About KeyCorp

(Free Report)

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.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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