Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stake in KeyCorp (NYSE:KEY)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in KeyCorp by 14.8%, now owning approximately 1.73 million shares valued at $27.68 million.
• Insiders at KeyCorp sold a total of 153,149 shares worth $2.82 million over the last three months, indicating a significant reduction in their ownership.
• Research firms have mixed ratings for KeyCorp, with one firm raising the price target to $21.00, while others downgraded the stock, leaving the consensus rating at Hold.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in KeyCorp (NYSE:KEY - Free Report) by 14.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,731,310 shares of the financial services provider's stock after purchasing an additional 223,318 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.16% of KeyCorp worth $27,684,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC increased its stake in shares of KeyCorp by 2.6% in the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock valued at $423,000 after buying an additional 631 shares during the period. SBI Securities Co. Ltd. increased its position in KeyCorp by 34.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 671 shares during the period. Centaurus Financial Inc. increased its position in KeyCorp by 11.2% during the 4th quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock valued at $124,000 after purchasing an additional 728 shares during the period. Capital Advisors Ltd. LLC increased its position in KeyCorp by 44.1% during the 1st quarter. Capital Advisors Ltd. LLC now owns 2,504 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 766 shares during the period. Finally, Fortress Financial Group LLC increased its position in KeyCorp by 6.6% during the 1st quarter. Fortress Financial Group LLC now owns 13,498 shares of the financial services provider's stock valued at $216,000 after purchasing an additional 835 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on KEY shares. Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price for the company. in a research report on Wednesday, July 2nd. Jefferies Financial Group began coverage on shares of KeyCorp in a research report on Wednesday, May 21st. They set a "hold" rating and a $18.00 target price for the company. Bank of America increased their price target on KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Wall Street Zen upgraded KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Finally, Morgan Stanley reiterated an "equal weight" rating on shares of KeyCorp in a report on Thursday, April 17th. Twelve analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $19.39.

KeyCorp Trading Up 0.5%

Shares of NYSE KEY traded up $0.10 during trading on Thursday, reaching $18.32. The stock had a trading volume of 22,552,405 shares, compared to its average volume of 17,065,471. The company has a market cap of $20.08 billion, a P/E ratio of -261.64, a PEG ratio of 0.63 and a beta of 1.13. The business's 50-day moving average price is $17.51 and its 200-day moving average price is $16.48. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS 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 quarter in the previous year, the firm earned $0.25 earnings per share. The business's revenue was up 20.6% compared to the same quarter last year. On average, equities research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a yield of 4.5%. KeyCorp's payout ratio is presently -1,171.43%.

Insiders Place Their Bets

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the transaction, the insider owned 82,523 shares in the company, valued at approximately $1,327,795.07. The trade was a 18.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the business's 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 sale, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. This trade represents a 17.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,149 shares of company stock worth $2,738,230. Company insiders own 0.52% of the company's stock.

KeyCorp 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.