Bank of America Corp DE Has $113.69 Million Stock Holdings in KeyCorp $KEY

Key Points

• Bank of America reduced its KeyCorp stake by 14.7% in the first quarter, selling 973,591 shares but retaining 5.67 million shares valued at approximately $113.7 million. Institutional investors collectively own 79.69% of KeyCorp.
• KeyCorp reported quarterly EPS of $0.44, beating analyst estimates of $0.42, while revenue rose 6.7% year over year to $1.95 billion, slightly below expectations.
• The company authorized a $3 billion share-repurchase program covering up to 13% of outstanding shares and declared a quarterly dividend of $0.205 per share, representing a 3.6% annualized yield.

Bank of America Corp DE cut its position in KeyCorp (NYSE:KEY - Free Report) by 14.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,670,251 shares of the financial services provider's stock after selling 973,591 shares during the period. Bank of America Corp DE owned about 0.52% of KeyCorp worth $113,689,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. Norges Bank bought a new position in shares of KeyCorp during the 4th quarter worth approximately $262,688,000. North Reef Capital Management LP bought a new position in shares of KeyCorp during the 1st quarter worth approximately $253,632,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $150,843,000. Finally, AQR Capital Management LLC lifted its position in shares of KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider's stock worth $147,862,000 after purchasing an additional 5,776,417 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Stock Up 0.3%

NYSE KEY opened at $22.72 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a market capitalization of $24.25 billion, a PE ratio of 13.21, a PEG ratio of 0.74 and a beta of 1.03. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The business has a fifty day moving average price of $22.73 and a two-hundred day moving average price of $21.70.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the prior year, the firm earned $0.35 EPS. The business's revenue for the quarter was up 6.7% compared to the same quarter last year. Equities analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp's dividend payout ratio (DPR) is presently 47.67%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group raised their price objective on KeyCorp from $25.00 to $26.00 and gave the company a "buy" rating in a report on Friday, April 17th. Robert W. Baird upped their target price on KeyCorp from $22.00 to $23.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. TD Cowen reissued a "buy" rating and set a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. Piper Sandler boosted their price target on KeyCorp from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. Finally, Truist Financial upped their price objective on KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, KeyCorp has an average rating of "Moderate Buy" and a consensus price target of $49.14.

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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