539,519 Shares in KeyCorp $KEY Bought by Danske Bank A S

Key Points

• Danske Bank A/S acquired 539,519 KeyCorp shares worth approximately $12.4 million, while institutional investors and hedge funds collectively owned 79.69% of the company.
• Analysts remain broadly positive, with KeyCorp receiving a “Moderate Buy” consensus rating and an average price target of $49.14.
• KeyCorp beat quarterly EPS estimates with $0.44 per share, declared a quarterly dividend of $0.205 per share, and authorized a $3 billion share-repurchase plan covering up to 13% of outstanding shares.

Danske Bank A S acquired a new stake in KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 539,519 shares of the financial services provider's stock, valued at approximately $12,436,000. Danske Bank A S owned approximately 0.05% of KeyCorp at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KEY. Brighton Jones LLC acquired a new position in shares of KeyCorp during the fourth quarter worth about $476,000. Woodline Partners LP grew its holdings in shares of KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock worth $1,346,000 after buying an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in KeyCorp by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after buying an additional 1,890 shares during the last quarter. Cresset Asset Management LLC raised its position in KeyCorp by 6.5% in the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after buying an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. bought a new stake in KeyCorp in the 2nd quarter valued at approximately $186,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on KEY. Wells Fargo & Company upped their price target on KeyCorp from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. UBS Group lifted their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Argus raised shares of KeyCorp to a "strong-buy" rating in a research report on Wednesday, July 29th. Susquehanna increased their target price on shares of KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a report on Monday, May 18th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of KeyCorp in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Trading Down 1.0%

Shares of NYSE:KEY opened at $21.88 on Friday. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market capitalization of $23.35 billion, a P/E ratio of 12.72, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The company has a 50-day simple moving average of $22.92 and a 200 day simple moving average of $21.79.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the firm posted $0.35 earnings per share. The business's revenue was up 6.7% on a year-over-year basis. Sell-side analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's payout ratio is 47.67%.

KeyCorp declared that its Board of Directors has authorized a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

About KeyCorp

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.

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