Swedbank AB Buys 122,474 Shares of KeyCorp $KEY

Key Points

• Swedbank AB increased its stake in KeyCorp by 31.9%, owning 506,608 shares valued at approximately $8.83 million, marking a significant investment during the second quarter.
• Several large investors, including AlphaCore and SBI Securities, have also made purchases of KeyCorp shares, indicating growing institutional interest as they collectively own 79.69% of the company's stock.
• KeyCorp recently reported a quarterly earnings per share of $0.35, surpassing analysts' expectations, and announced a dividend of $0.205 per share with a yield of 4.3%.

Swedbank AB lifted its position in KeyCorp (NYSE:KEY - Free Report) by 31.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 506,608 shares of the financial services provider's stock after purchasing an additional 122,474 shares during the quarter. Swedbank AB's holdings in KeyCorp were worth $8,825,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Brighton Jones LLC bought a new position in shares of KeyCorp during the 4th quarter worth approximately $476,000. Tidal Investments LLC lifted its stake in KeyCorp by 8.6% in the fourth quarter. Tidal Investments LLC now owns 73,587 shares of the financial services provider's stock valued at $1,261,000 after buying an additional 5,801 shares during the period. Woodline Partners LP bought a new stake in shares of KeyCorp during the fourth quarter valued at approximately $1,020,000. Vise Technologies Inc. grew its holdings in KeyCorp by 51.4% during the fourth quarter. Vise Technologies Inc. now owns 29,067 shares of the financial services provider's stock worth $498,000 after buying an additional 9,864 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of KeyCorp during the 4th quarter valued at $28,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Trading Down 1.8%

NYSE KEY traded down $0.35 during mid-day trading on Monday, reaching $18.74. 16,925,134 shares of the stock were exchanged, compared to its average volume of 28,256,746. The stock has a market capitalization of $20.54 billion, a PE ratio of -267.64, a PEG ratio of 0.67 and a beta of 1.15. The business's fifty day simple moving average is $18.53 and its 200 day simple moving average is $16.77. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter in the previous year, the business posted $0.25 EPS. The business's quarterly revenue was up 20.6% on a year-over-year basis. On average, research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. KeyCorp's dividend payout ratio is currently -1,171.43%.

Analyst Ratings Changes

A number of brokerages have weighed in on KEY. Wells Fargo & Company upped their target price on KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Citigroup reiterated a "neutral" rating and set a $20.00 price objective (up previously from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. DA Davidson lifted their target price on KeyCorp from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. UBS Group raised KeyCorp from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $16.00 to $22.00 in a report on Tuesday, July 8th. Finally, Baird R W downgraded KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Ten investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, KeyCorp currently has a consensus rating of "Hold" and an average target price of $19.39.

Insider Buying and Selling at KeyCorp

In other news, insider Andrew J. Paine III sold 44,953 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the completion of the sale, the insider directly owned 245,044 shares of the company's stock, valued at approximately $4,726,898.76. This represents a 15.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Trina M. Evans sold 17,000 shares of the business's stock in a transaction that occurred on 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 owned 82,719 shares in the company, valued at $1,544,363.73. The trade was a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 174,102 shares of company stock valued at $3,299,664 in the last ninety days. Company insiders own 0.52% of the company's stock.

KeyCorp 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.