Bank of Nova Scotia Acquires 19,944 Shares of KeyCorp (NYSE:KEY)

Key Points

• The Bank of Nova Scotia increased its stake in KeyCorp by 32.1% in the first quarter, acquiring a total of 81,995 shares valued at approximately $1.31 million.
• KeyCorp's stock has a 52-week range of $12.73 to $20.04, and the company recently reported a quarterly earnings per share of $0.35, exceeding analysts' expectations.
• A quarterly dividend of $0.205 per share will be paid on September 15th, representing an annualized yield of 4.7%.

Bank of Nova Scotia lifted its holdings in KeyCorp (NYSE:KEY - Free Report) by 32.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 81,995 shares of the financial services provider's stock after buying an additional 19,944 shares during the quarter. Bank of Nova Scotia's holdings in KeyCorp were worth $1,311,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fourth Dimension Wealth LLC purchased a new position in shares of KeyCorp in the 4th quarter valued at about $28,000. Allworth Financial LP raised its stake in KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after buying an additional 1,543 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in KeyCorp in the first quarter valued at $34,000. NBC Securities Inc. increased its position in KeyCorp by 123,900.0% in the 1st quarter. NBC Securities Inc. now owns 2,480 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 2,478 shares during the period. Finally, Capital Advisors Ltd. LLC increased its position in KeyCorp by 44.1% in the 1st quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 766 shares during the period. Institutional investors own 79.69% of the company's stock.

Analyst Ratings Changes

KEY has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a research note on Monday, April 21st. Cowen started coverage on KeyCorp in a report on Wednesday, May 14th. They issued a "hold" rating on the stock. TD Cowen started coverage on KeyCorp in a report on Thursday, May 15th. They issued a "hold" rating and a $18.00 price target on the stock. Royal Bank Of Canada restated an "outperform" rating on shares of KeyCorp in a report on Thursday, April 17th. Finally, Barclays lowered their price target on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Twelve research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $19.39.

Insider Activity at KeyCorp

In other news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the sale, the insider directly owned 82,523 shares in the company, valued at $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the sale, the chief executive officer owned 619,895 shares in the company, valued at $11,691,219.70. The trade was a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,149 shares of company stock valued at $2,738,230 over the last quarter. Corporate insiders own 0.52% of the company's stock.

KeyCorp Stock Up 2.0%

NYSE:KEY traded up $0.35 during trading hours on Tuesday, reaching $17.72. The company's stock had a trading volume of 11,113,199 shares, compared to its average volume of 16,872,668. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The business's 50-day moving average is $17.43 and its 200-day moving average is $16.46. The company has a market cap of $19.43 billion, a price-to-earnings ratio of -252.93, a price-to-earnings-growth ratio of 0.62 and a beta of 1.13.

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

KeyCorp Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.6%. KeyCorp's dividend payout ratio (DPR) is currently -1,171.43%.

About KeyCorp

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.