KeyCorp $KEY Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lowered its position in shares of KeyCorp (NYSE:KEY - Free Report) by 46.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,213,303 shares of the financial services provider's stock after selling 7,950,704 shares during the quarter. Wellington Management Group LLP owned 0.86% of KeyCorp worth $212,367,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. North Reef Capital Management LP acquired a new position in KeyCorp during the 1st quarter worth approximately $253,632,000. Jefferies Financial Group Inc. boosted its stake in shares of KeyCorp by 62.1% in the fourth quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider's stock valued at $4,552,000 after buying an additional 84,497 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of KeyCorp by 14.8% in the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider's stock valued at $115,638,000 after buying an additional 721,421 shares in the last quarter. Mattson Financial Services LLC grew its holdings in KeyCorp by 298.1% during the fourth quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider's stock worth $1,564,000 after acquiring an additional 56,736 shares during the period. Finally, Swiss Life Asset Management Ltd grew its holdings in KeyCorp by 72.4% during the fourth quarter. Swiss Life Asset Management Ltd now owns 2,287,205 shares of the financial services provider's stock worth $47,208,000 after acquiring an additional 960,625 shares during the period. Hedge funds and other institutional investors own 79.69% of the company's stock.

Analyst Ratings Changes

KEY has been the subject of a number of recent analyst reports. Argus raised KeyCorp to a "strong-buy" rating in a report on Wednesday, July 29th. Robert W. Baird upped their price target on shares of KeyCorp from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. Morgan Stanley increased their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Truist Financial boosted their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a report on Wednesday, June 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of KeyCorp in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Stock Down 1.3%

KEY opened at $21.63 on Tuesday. 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 company has a market cap of $23.08 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.72 and a beta of 1.03. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The business's fifty day moving average is $22.82 and its two-hundred day moving average is $21.75.

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

KeyCorp declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio is presently 47.67%.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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