KeyCorp $KEY Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia increased its position in KeyCorp (NYSE:KEY) by 0.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 162,996,326 shares of the financial services provider’s stock after acquiring an additional 900,951 shares during the quarter. KeyCorp comprises about 5.4% of Bank of Nova Scotia’s investment portfolio, making the stock its 3rd biggest position. Bank of Nova Scotia owned about 15.03% of KeyCorp worth $3,268,076,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Norges Bank acquired a new stake in shares of KeyCorp in the fourth quarter worth $262,688,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of KeyCorp in the fourth quarter worth $150,843,000. AQR Capital Management LLC grew its stake in shares of KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares during the last quarter. Finally, Deutsche Bank AG increased its position in KeyCorp by 132.7% during the fourth quarter. Deutsche Bank AG now owns 8,259,754 shares of the financial services provider’s stock worth $170,481,000 after acquiring an additional 4,709,698 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on KEY. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Jefferies Financial Group raised their price target on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Friday, April 17th. The Goldman Sachs Group boosted their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Keefe, Bruyette & Woods upped their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their target price on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

Key KeyCorp News

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: Jim Cramer said regional banks have been a “fantastic place to be” and specifically recommended KeyCorp, reinforcing bullish sentiment toward the stock. Jim Cramer: ‘Regional Banks Have Been A Fantastic Place To Be’
• Positive Sentiment: Analysts have been raising their outlooks after KeyCorp’s Q2 beat, citing solid earnings and improving growth trends; Keefe, Bruyette & Woods lifted its target to $26 and kept an outperform rating. KeyCorp Analysts Increase Their Forecasts After Upbeat Q2 Earnings
• Positive Sentiment: Bank of America reiterated a Buy rating with a $26 target, saying guidance was raised for loan growth and net interest income, which supports the bullish case for KeyCorp. KeyCorp: Buy Rating Reaffirmed as 2026 Guidance Raised for Loan Growth and Net Interest Income, with $26 Price Target
• Positive Sentiment: Scotiabank said its stake in KeyCorp will add $82 million to third-quarter net income, a potentially meaningful tailwind for profitability. Scotiabank says stake in KeyCorp will add $82M to third-quarter net income
• Neutral Sentiment: Some coverage noted that KeyCorp’s stock underperformed peers on Tuesday, suggesting the rally may be uneven despite the improved fundamental and analyst backdrop. KeyCorp stock underperforms Tuesday when compared to competitors
• Negative Sentiment: One earnings-focused report said Q2 revenue was pressured by weaker-than-expected noninterest income and margin performance, which could temper enthusiasm around the quarter. KeyCorp’s Q2 revenue hit by weaker-than-expected noninterest income, margin trails consensus

KeyCorp Stock Performance

NYSE:KEY opened at $22.69 on Friday. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $24.49 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 0.73 and a beta of 1.02. The firm has a 50-day moving average price of $22.44 and a 200 day moving average price of $21.59.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.35 EPS. Research analysts anticipate that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio is 50.31%.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.