KeyCorp $KEY Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its KeyCorp stake by 3.9% in the second quarter to 5.89 million shares, valued at approximately $135.8 million. Institutional investors and hedge funds collectively own 79.69% of KEY shares.
• Analysts maintained a generally positive view, with one Strong Buy, 12 Buy, and seven Hold ratings. Recent price targets ranged from $23 to $26, while MarketBeat reported a “Moderate Buy” consensus rating.
• KeyCorp exceeded quarterly earnings expectations with EPS of $0.44 versus a $0.42 consensus estimate, while revenue rose 6.7% year over year to $1.96 billion. The company also paid a quarterly dividend of $0.205 per share, representing a 3.9% annualized yield.

Bank of America Corp DE grew its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 3.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,891,485 shares of the financial services provider's stock after purchasing an additional 221,234 shares during the quarter. Bank of America Corp DE owned approximately 0.55% of KeyCorp worth $135,799,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in KEY. Bank of Nova Scotia increased its position in KeyCorp by 0.6% in the first quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider's stock worth $3,268,076,000 after buying an additional 900,951 shares during the period. BlackRock Inc. acquired a new position in shares of KeyCorp during the second quarter valued at $2,039,113,000. Geode Capital Management LLC grew its position in shares of KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock worth $493,048,000 after acquiring an additional 115,968 shares during the last quarter. Capital World Investors grew its position in shares of KeyCorp by 1.1% during the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider's stock worth $434,007,000 after acquiring an additional 238,514 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in shares of KeyCorp in the 2nd quarter worth about $380,244,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Morgan Stanley upped their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Keefe, Bruyette & Woods raised their price target on shares of KeyCorp from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Truist Financial lifted their price target on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. boosted their price objective on KeyCorp from $22.50 to $24.50 and gave the stock a "neutral" rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $49.14.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $20.96 on Friday. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The stock has a fifty day moving average of $22.44 and a 200-day moving average of $21.76. The company has a market capitalization of $22.37 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 0.78 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the company posted $0.35 EPS. The company's revenue was up 6.7% compared to the same quarter last year. As a group, equities analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Tuesday, September 1st. KeyCorp's payout ratio is 47.67%.

About KeyCorp

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.

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