Amundi Has $65.93 Million Stock Holdings in KeyCorp $KEY

Key Points

• Amundi reduced its KeyCorp stake by 19.7% in the second quarter, selling 701,444 shares and retaining 2.86 million shares valued at approximately $65.93 million. Institutional investors collectively own 79.69% of KeyCorp.
• KeyCorp reported quarterly earnings of $0.44 per share, exceeding analyst expectations of $0.42, while revenue rose 6.7% year over year to $1.96 billion.
• The company declared a quarterly dividend of $0.205 per share, equivalent to an annualized dividend of $0.82 and a 3.8% yield. Analysts give the stock a “Moderate Buy” consensus rating.

Amundi lowered its holdings in KeyCorp (NYSE:KEY - Free Report) by 19.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,860,354 shares of the financial services provider's stock after selling 701,444 shares during the quarter. Amundi owned 0.27% of KeyCorp worth $65,931,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in KEY. DV Equities LLC acquired a new stake in shares of KeyCorp during the 4th quarter worth about $27,000. N.E.W. Advisory Services LLC acquired a new position in KeyCorp in the second quarter valued at about $30,000. Silvant Capital Management LLC acquired a new position in KeyCorp in the second quarter valued at about $30,000. Smithfield Trust Co bought a new stake in KeyCorp during the fourth quarter worth about $31,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in KeyCorp during the second quarter worth about $31,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $21.72 on Friday. The stock's fifty day simple moving average is $22.61 and its 200 day simple moving average is $21.75. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $23.18 billion, a PE ratio of 12.63, a PEG ratio of 0.82 and a beta of 1.02. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07.

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

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp's dividend payout ratio is presently 47.67%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on KEY. TD Cowen reaffirmed a "buy" rating and set a $68.00 price target on shares of KeyCorp in a report on Tuesday, June 23rd. UBS Group upped their target price on shares of KeyCorp from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Truist Financial increased their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a research note on Wednesday, June 24th. Stephens started coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price target for the company. Finally, Robert W. Baird raised their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. 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. Based on data from MarketBeat, KeyCorp currently has an average rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Company Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.

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