KeyCorp $KEY Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management cut its KeyCorp stake by 47.8% in the second quarter, selling 73,852 shares and retaining 80,692 shares valued at approximately $1.86 million. Institutional investors collectively own 79.69% of KeyCorp.
• Analysts maintain a generally positive outlook, with one Strong Buy, 12 Buy and seven Hold ratings; the stock carries a consensus rating of Moderate Buy and an average price target of $49.14.
• KeyCorp reported quarterly EPS of $0.44, exceeding estimates, while revenue rose 6.7% year over year to $1.96 billion. The company also declared a $0.205 quarterly dividend, yielding 3.8%, and authorized a $3 billion share-repurchase program.

Allianz Asset Management GmbH decreased its position in shares of KeyCorp (NYSE:KEY - Free Report) by 47.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,692 shares of the financial services provider's stock after selling 73,852 shares during the quarter. Allianz Asset Management GmbH's holdings in KeyCorp were worth $1,860,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Bank of Nova Scotia grew its position in shares of KeyCorp by 0.6% during the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider's stock valued at $3,268,076,000 after acquiring an additional 900,951 shares during the period. BlackRock Inc. acquired a new position in KeyCorp in the 2nd quarter worth about $2,039,113,000. Wellington Management Group LLP boosted its position in KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. California State Teachers Retirement System grew its holdings in KeyCorp by 2,126.0% in the second quarter. California State Teachers Retirement System now owns 31,165,167 shares of the financial services provider's stock valued at $718,357,000 after purchasing an additional 29,765,093 shares during the period. Finally, Geode Capital Management LLC grew its holdings in KeyCorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock valued at $493,048,000 after purchasing an additional 115,968 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

KEY has been the subject of several research analyst reports. TD Cowen reaffirmed a "buy" rating and set a $68.00 target price on shares of KeyCorp in a research note on Tuesday, June 23rd. Stephens began coverage on shares of KeyCorp in a research report on Monday, June 15th. They set an "overweight" rating and a $26.00 price target for the company. JPMorgan Chase & Co. increased their target price on KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a report on Monday, July 6th. Robert W. Baird raised their target price on KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Finally, Truist Financial lifted their price target on KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Stock Performance

NYSE KEY opened at $21.73 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The stock's fifty day moving average is $22.64 and its two-hundred day moving average is $21.75. The firm has a market capitalization of $23.19 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 0.82 and a beta of 1.02. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07.

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

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. KeyCorp's dividend payout ratio (DPR) is currently 47.67%.

KeyCorp announced that its board has authorized a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

KeyCorp Company Profile

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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