First Trust Advisors LP Trims Position in KeyCorp $KEY

First Trust Advisors LP decreased its position in KeyCorp (NYSE:KEY) by 13.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,742,483 shares of the financial services provider’s stock after selling 264,796 shares during the quarter. First Trust Advisors LP owned approximately 0.16% of KeyCorp worth $30,354,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Nordea Investment Management AB grew its position in shares of KeyCorp by 23.2% during the 2nd quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock valued at $1,867,000 after acquiring an additional 20,228 shares during the period. Signal Advisors Wealth LLC purchased a new position in KeyCorp during the second quarter valued at $431,000. Prudential Financial Inc. lifted its position in KeyCorp by 9.9% during the second quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock valued at $10,018,000 after purchasing an additional 51,705 shares in the last quarter. Korea Investment CORP grew its holdings in KeyCorp by 175.5% during the second quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock valued at $7,791,000 after purchasing an additional 284,928 shares during the period. Finally, Gradient Investments LLC purchased a new stake in KeyCorp in the second quarter worth about $1,973,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $20.50 on Thursday. The firm has a market cap of $22.40 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 0.60 and a beta of 1.11. The firm has a fifty day moving average price of $17.99 and a 200 day moving average price of $17.91. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.38 by $0.03. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the previous year, the company earned ($0.47) EPS. The business’s quarterly revenue was up 172.7% compared to the same quarter last year. As a group, sell-side analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Tuesday, December 2nd will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Tuesday, December 2nd. KeyCorp’s payout ratio is currently 101.23%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on KEY shares. Jefferies Financial Group lifted their price objective on KeyCorp from $18.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, December 1st. Cowen upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Tuesday. UBS Group increased their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a research report on Monday. Finally, Morgan Stanley upped their target price on shares of KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.91.

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.