Amundi Has $71.41 Million Stock Holdings in KeyCorp $KEY

Key Points

• Amundi more than doubled its KeyCorp stake in the first quarter, acquiring 1.86 million additional shares and ending the period with a $71.4 million position. Institutional investors and hedge funds collectively own 79.69% of KeyCorp.
• Analysts maintain a generally positive outlook, with KeyCorp receiving a consensus rating of “Moderate Buy” and an average price target of $49.14. Recent firms including Stephens, JPMorgan and RBC adjusted their ratings or price targets.
• KeyCorp beat quarterly earnings expectations with EPS of $0.44 versus the $0.42 consensus, while revenue rose 6.7% year over year to $1.96 billion. The company also authorized a $3 billion share buyback and declared a quarterly dividend of $0.205 per share, representing a 3.6% annualized yield.

Amundi boosted its position in KeyCorp (NYSE:KEY - Free Report) by 109.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,561,798 shares of the financial services provider's stock after acquiring an additional 1,864,743 shares during the period. Amundi owned 0.33% of KeyCorp worth $71,414,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in KEY. Bank of Nova Scotia grew its position in shares of KeyCorp by 0.6% during the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider's stock worth $3,268,076,000 after buying an additional 900,951 shares during the period. Vanguard Group Inc. lifted its stake in shares of KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider's stock valued at $2,576,110,000 after purchasing an additional 1,192,323 shares during the period. Wellington Management Group LLP lifted its stake in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock valued at $679,768,000 after purchasing an additional 17,245,128 shares during the period. Geode Capital Management LLC boosted its position in shares of KeyCorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock worth $493,048,000 after purchasing an additional 115,968 shares during the last quarter. Finally, Capital World Investors boosted its position in shares of KeyCorp by 1.1% in the 4th quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider's stock worth $434,007,000 after purchasing an additional 238,514 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 281,564 shares of the company's stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Stephens started coverage on KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price objective for the company. TD Cowen restated a "buy" rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Weiss Ratings upgraded KeyCorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. JPMorgan Chase & Co. upped their price target on KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada increased their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $49.14.

KeyCorp Stock Performance

KEY stock opened at $22.61 on Friday. The business's 50-day moving average price is $22.60 and its two-hundred day moving average price is $21.64. 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 firm has a market cap of $24.40 billion, a PE ratio of 13.14, a P/E/G ratio of 0.74 and a beta of 1.02. KeyCorp has a 1-year low of $16.47 and a 1-year 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 (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $1.97 billion. During the same period in the prior year, the company earned $0.35 earnings per share. The company's revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, research analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp declared that its board has initiated a share buyback 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 reacquire up to 13% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.205 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. KeyCorp's payout ratio is currently 47.67%.

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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