Aberdeen Group plc Buys 338,938 Shares of KeyCorp $KEY

Key Points

• Aberdeen Group plc significantly increased its stake in KeyCorp by 105.7%, owning over 659,000 shares valued at approximately $10.4 million, reflecting growing institutional interest in the company.
• KeyCorp recently reported a quarterly earnings per share (EPS) of $0.35, exceeding expectations and indicating a 20.6% increase in revenue year-over-year, with an annual dividend yield of 4.5% announced.
• Analyst ratings for KeyCorp have mixed sentiments, with several upgrades and price target increases, resulting in a consensus price target of $19.39 and ten "buy" ratings alongside eleven "hold" ratings.

Aberdeen Group plc boosted its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 105.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 659,727 shares of the financial services provider's stock after buying an additional 338,938 shares during the period. Aberdeen Group plc owned approximately 0.06% of KeyCorp worth $10,387,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in KeyCorp by 7.2% during 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 purchasing an additional 8,412,625 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in KeyCorp by 4.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock valued at $622,229,000 after purchasing an additional 1,645,296 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in KeyCorp by 4.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider's stock valued at $465,929,000 after purchasing an additional 1,062,615 shares during the last quarter. Invesco Ltd. raised its position in KeyCorp by 19.5% during the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock valued at $329,777,000 after purchasing an additional 3,363,421 shares during the last quarter. Finally, Northern Trust Corp raised its position in KeyCorp by 14.4% during the 4th quarter. Northern Trust Corp now owns 11,240,159 shares of the financial services provider's stock valued at $192,656,000 after purchasing an additional 1,417,297 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Amy G. Brady sold 19,000 shares of KeyCorp stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider directly owned 82,523 shares in the company, valued at $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,149 shares of company stock valued at $2,738,230 over the last ninety days. 0.52% of the stock is currently owned by company insiders.

KeyCorp Stock Performance

KeyCorp stock traded up $0.8430 during trading on Friday, reaching $18.9930. The company had a trading volume of 37,059,878 shares, compared to its average volume of 30,055,172. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The firm's 50-day simple moving average is $17.82 and its 200 day simple moving average is $16.51. The firm has a market capitalization of $20.83 billion, a price-to-earnings ratio of -271.33, a price-to-earnings-growth ratio of 0.64 and a beta of 1.13. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71.

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

KeyCorp Dividend Announcement

The firm 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. 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 4.3%. KeyCorp's dividend payout ratio (DPR) is currently -1,171.43%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on KEY. Jefferies Financial Group assumed coverage on KeyCorp in a report on Wednesday, May 21st. They set a "hold" rating and a $18.00 target price on the stock. Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price objective on the stock. in a research report on Wednesday, July 2nd. Truist Financial upped their price objective on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Baird R W cut KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Finally, TD Cowen assumed coverage on KeyCorp in a report on Thursday, May 15th. They set a "hold" rating and a $18.00 price target on the stock. Ten analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, KeyCorp presently has an average rating of "Hold" and an average price target of $19.39.

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.