Invesco Ltd. Boosts Stake in KeyCorp (NYSE:KEY)

Key Points

• Invesco Ltd. increased its stake in KeyCorp by 19.5% in the first quarter, owning a total of approximately 20.6 million shares valued at $329.8 million.
• The company reported $0.35 earnings per share for the last quarter, surpassing analysts' expectations of $0.34, with a 20.6% increase in revenue year-over-year.
• KeyCorp declared a quarterly dividend of $0.205 per share, representing a 4.7% yield, with the ex-dividend date on September 2nd.

Invesco Ltd. lifted its holdings in KeyCorp (NYSE:KEY - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,623,929 shares of the financial services provider's stock after buying an additional 3,363,421 shares during the period. Invesco Ltd. owned approximately 1.88% of KeyCorp worth $329,777,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of KEY. Vanguard Group Inc. lifted its stake in shares of KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock worth $2,004,273,000 after buying an additional 8,412,625 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of KeyCorp in the fourth quarter worth about $63,540,000. Raymond James Financial Inc. purchased a new position in shares of KeyCorp in the fourth quarter worth about $42,827,000. Price T Rowe Associates Inc. MD increased its position in KeyCorp by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock worth $622,229,000 after purchasing an additional 1,645,296 shares during the last quarter. Finally, Northern Trust Corp increased its position in KeyCorp by 14.4% during the fourth quarter. Northern Trust Corp now owns 11,240,159 shares of the financial services provider's stock worth $192,656,000 after purchasing an additional 1,417,297 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Trading Down 1.4%

Shares of KEY stock opened at $17.37 on Tuesday. 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 $19.04 billion, a P/E ratio of -248.11, a price-to-earnings-growth ratio of 0.62 and a beta of 1.13. The company has a 50 day moving average price of $17.43 and a 200 day moving average price of $16.46. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business's quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. Equities research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.7%. The ex-dividend date is Tuesday, September 2nd. KeyCorp's payout ratio is -1,171.43%.

Insiders Place Their Bets

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the transaction, the insider owned 82,523 shares in the company, valued at $1,327,795.07. The trade was a 18.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Christopher M. Gorman sold 112,149 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the transaction, the chief executive officer owned 619,895 shares of the company's stock, valued at $11,691,219.70. This trade represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,149 shares of company stock worth $2,738,230 in the last 90 days. Corporate insiders own 0.52% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on KEY shares. Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Morgan Stanley restated an "equal weight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Citigroup restated a "neutral" rating and set a $20.00 price objective (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. DA Davidson raised their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, UBS Group upgraded shares of KeyCorp from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $16.00 to $22.00 in a research report on Tuesday, July 8th. Twelve research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $19.39.

KeyCorp Company Profile

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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