QRG Capital Management Inc. Acquires New Holdings in KeyCorp $KEY

Key Points

• QRG Capital Management acquired 250,812 KeyCorp shares worth approximately $5.8 million in the second quarter. Other major institutions also initiated positions, bringing institutional ownership to 79.69%.
• Analyst sentiment remains positive overall, with KeyCorp carrying a consensus “Moderate Buy” rating, though some firms recently lowered their price targets. The consensus target price is reported at $49.03.
• KeyCorp reported quarterly EPS of $0.44, exceeding estimates by $0.02, while revenue rose 6.7% year over year to $1.96 billion. The company maintains a quarterly dividend of $0.205 per share, equivalent to a 4.1% annual yield.

QRG Capital Management Inc. acquired a new position in KeyCorp (NYSE:KEY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 250,812 shares of the financial services provider's stock, valued at approximately $5,781,000.

A number of other large investors also recently modified their holdings of KEY. Bank of Nova Scotia bought a new stake in KeyCorp during the second quarter worth $3,636,436,000. BlackRock Inc. bought a new position in KeyCorp during the 2nd quarter valued at $2,039,113,000. Deutsche Bank AG bought a new position in KeyCorp during the 2nd quarter valued at $380,244,000. Norges Bank purchased a new position in KeyCorp during the 4th quarter worth $262,688,000. Finally, North Reef Capital Management LP purchased a new position in KeyCorp during the 1st quarter worth $253,632,000. Institutional investors own 79.69% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Truist Financial lowered their target price on shares of KeyCorp from $24.00 to $23.00 and set a "hold" rating for the company in a report on Wednesday. Jefferies Financial Group dropped their price target on shares of KeyCorp from $24.00 to $22.00 and set a "hold" rating on the stock in a research report on Thursday. TD Cowen restated a "buy" rating and set a $68.00 price target on shares of KeyCorp in a report on Tuesday, June 23rd. UBS Group upped their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada increased their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, KeyCorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.03.

KeyCorp Stock Down 0.1%

KEY stock opened at $20.23 on Friday. The stock has a market cap of $21.58 billion, a P/E ratio of 11.76, a P/E/G ratio of 0.77 and a beta of 1.02. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock's fifty day simple moving average is $22.15 and its two-hundred day simple moving average is $21.76. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07.

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

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.2050 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 4.1%. KeyCorp's dividend payout ratio is presently 47.67%.

KeyCorp Company Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.

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