Mitsubishi UFJ Asset Management Co. Ltd. Buys 103,956 Shares of KeyCorp $KEY

Key Points

• Mitsubishi UFJ Asset Management increased its KeyCorp stake by 5.6% in the fourth quarter, buying 103,956 additional shares and bringing its total holding to 1,955,064 shares worth about $41.0 million.
• Institutional ownership remains high, with hedge funds and large asset managers such as Vanguard, Wellington Management, and Capital World Investors also raising their positions in KeyCorp.
• KeyCorp’s latest results topped expectations, as the bank reported $0.44 EPS versus $0.41 expected and revenue of $1.95 billion, while analysts currently rate the stock a consensus Moderate Buy with an average target price of $23.18.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 5.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,955,064 shares of the financial services provider's stock after purchasing an additional 103,956 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of KeyCorp worth $41,017,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of KeyCorp by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider's stock valued at $2,576,110,000 after acquiring an additional 1,192,323 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock valued at $679,768,000 after acquiring an additional 17,245,128 shares in the last quarter. Capital World Investors boosted its position in shares of KeyCorp by 169.2% during the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider's stock valued at $388,546,000 after acquiring an additional 13,067,326 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of KeyCorp by 2.6% during the 3rd quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider's stock valued at $295,295,000 after acquiring an additional 397,523 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of KeyCorp by 12.6% during the 2nd quarter. Bank of America Corp DE now owns 7,843,378 shares of the financial services provider's stock valued at $136,632,000 after acquiring an additional 879,678 shares in the last quarter. Institutional investors own 79.69% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KEY. DA Davidson lifted their target price on shares of KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Truist Financial decreased their target price on shares of KeyCorp from $23.00 to $22.00 and set a "hold" rating on the stock in a research report on Monday, March 23rd. Morgan Stanley decreased their target price on shares of KeyCorp from $26.00 to $24.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. Robert W. Baird lifted their target price on shares of KeyCorp from $19.00 to $22.00 and gave the company a "neutral" rating in a research report on Friday, April 17th. Finally, Argus lifted their target price on shares of KeyCorp from $21.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.18.

KeyCorp Price Performance

NYSE:KEY opened at $21.61 on Friday. The firm has a market cap of $23.42 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 0.69 and a beta of 1.06. KeyCorp has a 12 month low of $15.28 and a 12 month high of $23.34. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The company's 50-day moving average price is $20.72 and its two-hundred day moving average price is $20.27.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share. On average, equities analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

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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