KeyCorp $KEY Stock Holdings Boosted by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP significantly increased its stake in KeyCorp by 1,142.4%, acquiring an additional 4,599,197 shares to own a total of 5,001,779 shares valued at approximately $79.98 million.
• Analysts have mixed views on KeyCorp, with Wells Fargo raising its price target to $20.00 while Baird downgraded the stock from "strong-buy" to "hold", indicating a current average rating of "Hold" with a target price of $19.39.
• KeyCorp will pay a quarterly dividend of $0.205 per share on September 15th, reflecting an annualized yield of 4.3%, despite experiencing insider selling activities from its CEO and other executives.

Wellington Management Group LLP grew its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 1,142.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,001,779 shares of the financial services provider's stock after purchasing an additional 4,599,197 shares during the quarter. Wellington Management Group LLP owned 0.46% of KeyCorp worth $79,978,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of KEY. Brighton Jones LLC acquired a new position in shares of KeyCorp in the fourth quarter worth about $476,000. GeoWealth Management LLC raised its stake in KeyCorp by 27.8% during the fourth quarter. GeoWealth Management LLC now owns 4,071 shares of the financial services provider's stock valued at $70,000 after buying an additional 886 shares in the last quarter. MetLife Investment Management LLC raised its stake in KeyCorp by 8.3% during the fourth quarter. MetLife Investment Management LLC now owns 261,208 shares of the financial services provider's stock valued at $4,477,000 after buying an additional 19,923 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in KeyCorp by 208.5% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,995 shares of the financial services provider's stock valued at $68,000 after buying an additional 2,700 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in KeyCorp by 2.8% during the fourth quarter. Hsbc Holdings PLC now owns 2,513,921 shares of the financial services provider's stock valued at $43,131,000 after buying an additional 69,164 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Buying and Selling

In related news, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total value of $2,115,130.14. Following the completion of the transaction, the chief executive officer directly owned 619,895 shares of the company's stock, valued at $11,691,219.70. This represents a 15.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the transaction, the director directly owned 82,719 shares of the company's stock, valued at $1,544,363.73. This trade represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,149 shares of company stock valued at $2,738,230 in the last three months. 0.52% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on KEY shares. UBS Group upgraded KeyCorp from a "neutral" rating to a "buy" rating and upped their price objective for the company from $16.00 to $22.00 in a research note on Tuesday, July 8th. Citigroup restated 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. Wells Fargo & Company upped their price objective on KeyCorp from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial upped their price objective on KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Monday, July 28th. Finally, Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target on the stock. in a research report on Wednesday, July 2nd. Ten research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $19.39.

KeyCorp Stock Performance

Shares of KeyCorp stock traded up $0.12 on Wednesday, reaching $19.42. 17,957,079 shares of the company were exchanged, compared to its average volume of 17,516,453. 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 company's 50-day moving average is $17.95 and its two-hundred day moving average is $16.52. The firm has a market cap of $21.29 billion, a price-to-earnings ratio of -277.36, a P/E/G ratio of 0.67 and a beta of 1.13. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

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

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio is -1,171.43%.

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.