Fjarde AP Fonden Fourth Swedish National Pension Fund Raises Stock Position in KeyCorp $KEY

Key Points

• Fjarde AP Fonden increased its KeyCorp stake by 209% in the first quarter, raising holdings to 321,413 shares worth about $6.44 million.
• KeyCorp has continued to draw institutional interest, with hedge funds and other investors owning 79.69% of the company’s shares.
• The bank recently reported better-than-expected earnings of $0.44 per share and revenue of $1.95 billion, while also authorizing a $3 billion share buyback and paying a quarterly dividend that annualizes to a 3.6% yield.

Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in KeyCorp (NYSE:KEY - Free Report) by 209.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,413 shares of the financial services provider's stock after purchasing an additional 217,400 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in KeyCorp were worth $6,444,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of KEY. M&T Bank Corp increased its stake in KeyCorp by 5,317.0% in the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider's stock valued at $27,875,000 after purchasing an additional 1,325,588 shares during the last quarter. Gradient Investments LLC lifted its stake in shares of KeyCorp by 797.9% in the 4th quarter. Gradient Investments LLC now owns 897,563 shares of the financial services provider's stock valued at $18,526,000 after purchasing an additional 797,599 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in KeyCorp by 68.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 204,993 shares of the financial services provider's stock worth $4,428,000 after buying an additional 83,367 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of KeyCorp by 14.8% during the 4th quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider's stock valued at $115,638,000 after acquiring an additional 721,421 shares in the last quarter. Finally, Brevan Howard Capital Management LP boosted its position in shares of KeyCorp by 130.6% in the third quarter. Brevan Howard Capital Management LP now owns 584,471 shares of the financial services provider's stock worth $10,924,000 after buying an additional 330,967 shares during the period. Hedge funds and other institutional investors own 79.69% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of KeyCorp from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. JPMorgan Chase & Co. dropped their price target on KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Evercore reaffirmed an "outperform" rating on shares of KeyCorp in a report on Tuesday, April 21st. Robert W. Baird upped their price objective on KeyCorp from $19.00 to $22.00 and gave the stock a "neutral" rating in a research note on Friday, April 17th. Finally, Stephens started coverage on KeyCorp in a research report on Monday, June 15th. They issued an "overweight" rating and a $26.00 target price on the stock. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, KeyCorp currently has an average rating of "Moderate Buy" and an average target price of $46.55.

KeyCorp Trading Down 0.1%

KeyCorp stock opened at $22.99 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $24.82 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 0.72 and a beta of 1.02. The firm's 50 day moving average price is $21.99 and its two-hundred day moving average price is $21.36. KeyCorp has a 1 year low of $16.47 and a 1 year high of $23.72.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. KeyCorp's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, research analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. KeyCorp's dividend payout ratio (DPR) is presently 50.31%.

KeyCorp declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 13% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the transaction, the insider directly owned 281,564 shares of the company's stock, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.56% of the company's stock.

KeyCorp Profile

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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