California State Teachers Retirement System Has $718.36 Million Holdings in KeyCorp $KEY

Key Points

• California State Teachers Retirement System increased its KeyCorp stake by 2,126% in the second quarter, acquiring 29.8 million additional shares. Its 31.2 million shares were valued at approximately $718.4 million, representing a 2.92% ownership position.
• KeyCorp reported quarterly EPS of $0.44, exceeding estimates by $0.02, while revenue rose 6.7% year over year to $1.96 billion. The company also declared a quarterly dividend of $0.205 per share, representing a 3.8% annualized yield.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $49.14. KeyCorp shares recently traded at $21.84, within a 52-week range of $16.47 to $24.07.

California State Teachers Retirement System increased its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 2,126.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,165,167 shares of the financial services provider's stock after buying an additional 29,765,093 shares during the period. California State Teachers Retirement System owned 2.92% of KeyCorp worth $718,357,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Bank of Nova Scotia raised its stake in 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. BlackRock Inc. acquired a new stake in shares of KeyCorp during the second quarter worth about $2,039,113,000. Wellington Management Group LLP raised its position in shares of KeyCorp by 90.2% during the third 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 during the period. Geode Capital Management LLC lifted its holdings in shares of KeyCorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock valued at $493,048,000 after purchasing an additional 115,968 shares in the last quarter. Finally, Capital World Investors lifted its holdings in shares of KeyCorp by 1.1% during the 4th quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider's stock valued at $434,007,000 after purchasing an additional 238,514 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

Shares of NYSE KEY opened at $21.84 on Monday. 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 business has a 50-day moving average of $22.59 and a 200-day moving average of $21.75. The stock has a market capitalization of $23.30 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.82 and a beta of 1.02. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07.

KeyCorp (NYSE:KEY - Get Free Report) last released its 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. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp's revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, sell-side analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date 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 (DPR) is currently 47.67%.

Analyst Upgrades and Downgrades

KEY has been the topic of a number of research reports. DA Davidson reaffirmed a "buy" rating and issued a $28.00 price target on shares of KeyCorp in a research note on Wednesday, July 22nd. Stephens assumed coverage on shares of KeyCorp in a research report on Monday, June 15th. They set an "overweight" rating and a $26.00 price objective for the company. Morgan Stanley raised their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Keefe, Bruyette & Woods upped their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Finally, TD Cowen reiterated a "buy" rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, KeyCorp currently has a consensus rating of "Moderate Buy" and an average target price 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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