Andra AP fonden Raises Holdings in KeyCorp $KEY

Key Points

• Andra AP fonden increased its KeyCorp stake by 86% in the second quarter, purchasing 89,000 additional shares and bringing its holdings to 192,539 shares valued at approximately $4.44 million.
• Institutional investors own 79.69% of KeyCorp, with State Street and several other funds also raising their positions during the quarter.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $49.08 target price. KeyCorp also reported quarterly EPS of $0.44, exceeding estimates, and pays an annualized dividend of $0.82 per share, yielding about 4.1%.

Andra AP fonden grew its holdings in KeyCorp (NYSE:KEY - Free Report) by 86.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 192,539 shares of the financial services provider's stock after purchasing an additional 89,000 shares during the period. Andra AP fonden's holdings in KeyCorp were worth $4,438,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its position in shares of KeyCorp by 9.0% during the second quarter. State Street Corp now owns 51,368,660 shares of the financial services provider's stock valued at $1,184,048,000 after buying an additional 4,238,225 shares during the last quarter. Core Capital Management & Research inc. purchased a new position in KeyCorp in the 2nd quarter worth about $164,000. Sequoia Financial Advisors LLC lifted its stake in KeyCorp by 24.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 135,315 shares of the financial services provider's stock valued at $3,119,000 after acquiring an additional 26,514 shares during the period. National Pension Service lifted its stake in KeyCorp by 2.2% during the 2nd quarter. National Pension Service now owns 627,750 shares of the financial services provider's stock valued at $14,470,000 after acquiring an additional 13,539 shares during the period. Finally, WINTON GROUP Ltd boosted its holdings in shares of KeyCorp by 1,691.3% during the 2nd quarter. WINTON GROUP Ltd now owns 244,695 shares of the financial services provider's stock valued at $5,640,000 after acquiring an additional 231,035 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

Wall Street Analysts Forecast Growth

KEY has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on shares of KeyCorp from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. TD Cowen reaffirmed a "buy" rating and issued a $68.00 target price on shares of KeyCorp in a research report on Tuesday, June 23rd. Morgan Stanley boosted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Argus raised KeyCorp to a "strong-buy" rating in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised their price target on KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. One research 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 stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $49.08.

KeyCorp Stock Performance

NYSE:KEY opened at $20.23 on Thursday. The stock has a 50-day simple moving average of $22.22 and a two-hundred day simple moving average of $21.76. 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 firm has a market capitalization of $21.58 billion, a PE ratio of 11.76, a P/E/G ratio of 0.77 and a beta of 1.02.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data 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 return on equity of 11.23% and a net margin of 17.83%.The firm had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the firm earned $0.35 EPS. The business's quarterly revenue was up 6.7% on a year-over-year basis. Analysts forecast that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Tuesday, September 1st. KeyCorp's dividend payout ratio (DPR) is presently 47.67%.

About KeyCorp

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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