Board of the Pension Protection Fund Takes Position in KeyCorp $KEY

Key Points

• The Board of the Pension Protection Fund invested approximately $277,000 in KeyCorp by acquiring 15,900 shares during the second quarter.
• KeyCorp reported a 20.6% increase in revenue year-over-year for the quarter, with earnings per share beating analyst estimates ($0.35 vs. $0.34).
• The company declared a quarterly dividend of $0.205, with a dividend yield of 4.8%, highlighting its shareholder return strategy.

Board of the Pension Protection Fund bought a new stake in shares of KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 15,900 shares of the financial services provider's stock, valued at approximately $277,000.

A number of other large investors have also recently bought and sold shares of KEY. Price T Rowe Associates Inc. MD grew its holdings in KeyCorp by 40.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock valued at $814,756,000 after buying an additional 14,651,281 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of KeyCorp by 7.2% during the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after acquiring an additional 8,412,625 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of KeyCorp by 1,142.4% during the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock worth $79,978,000 after purchasing an additional 4,599,197 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of KeyCorp during the 1st quarter worth about $60,194,000. Finally, Invesco Ltd. boosted its stake in shares of KeyCorp by 19.5% during the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock worth $329,777,000 after purchasing an additional 3,363,421 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $17.19 on Friday. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The stock has a market capitalization of $18.85 billion, a P/E ratio of -245.57, a PEG ratio of 0.60 and a beta of 1.15. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The business's fifty day moving average price is $18.58 and its 200 day moving average price is $17.02.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. During the same quarter last year, the firm earned $0.25 earnings per share. The firm's revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. KeyCorp's payout ratio is currently -1,171.43%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of KeyCorp in a research report on Wednesday. Jefferies Financial Group decreased their target price on shares of KeyCorp from $21.00 to $20.00 and set a "hold" rating on the stock in a research report on Wednesday, September 24th. Citigroup restated a "neutral" rating and set a $20.00 price objective (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Baird R W cut KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Finally, UBS Group raised their price target on KeyCorp from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $20.53.

Insider Activity

In other KeyCorp news, insider Andrew J. Paine III sold 44,953 shares of KeyCorp stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the transaction, the insider directly owned 245,044 shares of the company's stock, valued at $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 174,102 shares of company stock valued at $3,299,664 in the last three months. Corporate insiders own 0.52% of the company's stock.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

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