Comerica Bank Purchases 163,346 Shares of KeyCorp $KEY

Key Points

• Comerica Bank increased its holding in KeyCorp by 16.8% in Q1, now owning 1,135,235 shares valued at $18.15 million.
• KeyCorp's recent analysts' ratings show a mix, with a target price ranging from $18.00 to $22.00, as 10 analysts rated it a "Buy" and 11 as a "Hold."
• A quarterly dividend of $0.205 per share will be paid on September 15th, offering investors an annual yield of 4.3%.

Comerica Bank raised its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 16.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,135,235 shares of the financial services provider's stock after acquiring an additional 163,346 shares during the period. Comerica Bank owned about 0.10% of KeyCorp worth $18,152,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of KEY. Fourth Dimension Wealth LLC bought a new position in shares of KeyCorp in the fourth quarter worth approximately $28,000. Zions Bancorporation National Association UT bought a new position in shares of KeyCorp in the first quarter worth approximately $28,000. Allworth Financial LP grew its holdings in shares of KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after purchasing an additional 1,543 shares during the last quarter. FSC Wealth Advisors LLC bought a new position in shares of KeyCorp in the first quarter worth approximately $34,000. Finally, NBC Securities Inc. grew its holdings in shares of KeyCorp by 123,900.0% in the first quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock worth $39,000 after purchasing an additional 2,478 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of KeyCorp in a report on Wednesday, May 21st. They issued a "hold" rating and a $18.00 target price on the stock. Citigroup reiterated a "neutral" rating and issued a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. TD Cowen initiated coverage on shares of KeyCorp in a report on Thursday, May 15th. They issued a "hold" rating and a $18.00 price target on the stock. Bank of America lifted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a report on Monday, June 16th. Finally, Cowen initiated coverage on KeyCorp in a research report on Wednesday, May 14th. They set a "hold" rating for the company. Ten analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $19.39.

Insiders Place Their Bets

In other KeyCorp news, Director Trina M. Evans sold 17,000 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the sale, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. The trade was a 17.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the sale, the chief executive officer owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,149 shares of company stock valued at $2,738,230. 0.52% of the stock is owned by insiders.

KeyCorp Stock Up 0.2%

Shares of KEY traded up $0.03 during trading hours on Friday, hitting $19.38. The company had a trading volume of 21,339,876 shares, compared to its average volume of 17,612,955. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The firm has a fifty day moving average price of $18.15 and a 200-day moving average price of $16.56. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market capitalization of $21.25 billion, a price-to-earnings ratio of -276.91, a P/E/G ratio of 0.69 and a beta of 1.13.

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, topping 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 business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the previous year, the firm earned $0.25 EPS. KeyCorp's revenue was up 20.6% on a year-over-year basis. On average, equities research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 4.2%. KeyCorp's payout ratio is -1,171.43%.

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.