KeyCorp $KEY Shares Acquired by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD increased its position in KeyCorp by 40.4%, now owning approximately 50.95 million shares worth $814.76 million.
• KeyCorp recently reported a quarterly earnings per share (EPS) of $0.35, surpassing analyst expectations, and saw a 20.6% increase in revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $0.205, with investors receiving payment on September 15th, representing an annualized yield of 4.5%.

Price T Rowe Associates Inc. MD boosted its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 40.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,954,013 shares of the financial services provider's stock after buying an additional 14,651,281 shares during the period. Price T Rowe Associates Inc. MD owned 4.65% of KeyCorp worth $814,756,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of KEY. Vanguard Group Inc. increased its position in shares of KeyCorp by 7.2% during the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock worth $2,004,273,000 after purchasing an additional 8,412,625 shares in the last quarter. Wellington Management Group LLP increased its position in shares of KeyCorp by 1,142.4% in the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock valued at $79,978,000 after acquiring an additional 4,599,197 shares during the period. Freestone Grove Partners LP acquired a new stake in KeyCorp during the 4th quarter worth about $63,540,000. Invesco Ltd. grew its position in KeyCorp by 19.5% during the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock worth $329,777,000 after purchasing an additional 3,363,421 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its position in KeyCorp by 12.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 30,511,720 shares of the financial services provider's stock worth $487,882,000 after purchasing an additional 3,327,972 shares during the period. Hedge funds and other institutional investors own 79.69% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company raised their target price on shares of KeyCorp from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. TD Cowen initiated coverage on KeyCorp in a research report on Thursday, May 15th. They issued a "hold" rating and a $18.00 target price on the stock. Robert W. Baird lowered KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price on the stock. in a research report on Wednesday, July 2nd. Bank of America boosted their target price on KeyCorp from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Finally, Cowen began coverage on KeyCorp in a research report on Wednesday, May 14th. They issued a "hold" rating on the stock. Ten equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $19.39.

KeyCorp Price Performance

KeyCorp stock traded up $0.04 during mid-day trading on Wednesday, reaching $19.34. The company had a trading volume of 10,244,222 shares, compared to its average volume of 17,466,311. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The stock's 50-day simple moving average is $17.95 and its 200-day simple moving average is $16.52. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a market capitalization of $21.20 billion, a P/E ratio of -276.21, a P/E/G ratio of 0.67 and a beta of 1.13.

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.2%. KeyCorp's payout ratio is currently -1,171.43%.

Insider Activity

In other news, insider Amy G. Brady sold 19,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider directly owned 82,523 shares of the company's stock, valued at $1,327,795.07. The trade was a 18.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director owned 82,719 shares in the company, valued at $1,544,363.73. The trade was a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,149 shares of company stock valued at $2,738,230 in the last ninety days. Company insiders own 0.52% of the company's stock.

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.