2,807,336 Shares in KeyCorp (NYSE:KEY) Acquired by Nuveen LLC

Key Points

• Nuveen LLC has acquired 2,807,336 shares of KeyCorp, valued at approximately $44.89 million, representing about 0.26% of the company by the end of the last reporting period.
• KeyCorp recently declared a quarterly dividend of $0.205 per share, with a yield of 4.5% and a significant dividend payout ratio of -1,171.43%.
• The company reported earnings of $0.35 per share for the last quarter, exceeding analyst estimates, and indicated forecasts of 1.5 EPS for the current year.

Nuveen LLC purchased a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,807,336 shares of the financial services provider's stock, valued at approximately $44,889,000. Nuveen LLC owned approximately 0.26% of KeyCorp at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC bought a new stake in KeyCorp during the fourth quarter worth $28,000. Zions Bancorporation National Association UT bought a new stake in KeyCorp during the first quarter worth $28,000. Allworth Financial LP lifted its stake in KeyCorp by 246.9% during the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after purchasing an additional 1,543 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in KeyCorp during the first quarter worth $34,000. Finally, NBC Securities Inc. lifted its stake in KeyCorp by 123,900.0% during the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock worth $39,000 after purchasing an additional 2,478 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $18.32 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average price of $17.56 and a two-hundred day moving average price of $16.49. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a market cap of $20.08 billion, a P/E ratio of -261.64, a PEG ratio of 0.64 and a beta of 1.13.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. During the same period last year, the business posted $0.25 EPS. The business's revenue was up 20.6% compared to the same quarter last year. As a group, analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is presently -1,171.43%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on KEY shares. Morgan Stanley restated an "equal weight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Wall Street Zen upgraded KeyCorp from a "sell" rating to a "hold" rating in a research note on Monday, April 21st. Keefe, Bruyette & Woods dropped their price target on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a research note on Wednesday, July 2nd. Finally, Truist Financial increased their price target on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Monday, July 28th. Twelve equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $19.39.

Insiders Place Their Bets

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the sale, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Amy G. Brady sold 19,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. This represents a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,149 shares of company stock worth $2,738,230. Company insiders own 0.52% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.