Resona Asset Management Co. Ltd. Increases Position in KeyCorp (NYSE:KEY)

Key Points

• Resona Asset Management increased its stake in KeyCorp (NYSE:KEY) by 7.6%, now holding approximately 300,968 shares valued at $4.8 million.
• KeyCorp's CEO Christopher M. Gorman sold 112,149 shares at an average price of $18.86, decreasing his ownership by 15.32%.
• The firm announced a quarterly dividend of $0.205 per share, representing a 4.5% yield based on the current stock price.

Resona Asset Management Co. Ltd. boosted its holdings in KeyCorp (NYSE:KEY - Free Report) by 7.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 300,968 shares of the financial services provider's stock after acquiring an additional 21,275 shares during the period. Resona Asset Management Co. Ltd.'s holdings in KeyCorp were worth $4,803,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in KEY. Vanguard Group Inc. boosted its position in shares of KeyCorp by 7.2% in 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 acquiring an additional 8,412,625 shares during the last quarter. Freestone Grove Partners LP purchased a new position in KeyCorp in the fourth quarter valued at approximately $63,540,000. Invesco Ltd. raised its holdings in KeyCorp by 19.5% in the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock valued at $329,777,000 after buying an additional 3,363,421 shares during the period. Nuveen LLC purchased a new position in KeyCorp in the first quarter valued at approximately $44,889,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in KeyCorp by 4.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock valued at $622,229,000 after buying an additional 1,645,296 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of the business's 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Trina M. Evans sold 17,000 shares of the business's 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 sale, the director owned 82,719 shares of the company's stock, valued at approximately $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 a total of 148,149 shares of company stock worth $2,738,230 over the last 90 days. Insiders own 0.52% of the company's stock.

Analyst Upgrades and Downgrades

KEY has been the topic of several research reports. Cowen initiated coverage on shares of KeyCorp in a report on Wednesday, May 14th. They issued a "hold" rating on the stock. Wall Street Zen upgraded shares of KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Citigroup restated a "neutral" rating and issued a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Evercore ISI set a $17.00 price target on shares of KeyCorp in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their price target on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Twelve investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $19.39.

KeyCorp Stock Down 1.4%

Shares of NYSE:KEY opened at $18.05 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $17.60 and a 200 day simple moving average of $16.49. The firm has a market cap of $19.79 billion, a PE ratio of -257.86, a price-to-earnings-growth ratio of 0.65 and a beta of 1.13. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates 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 anticipate 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 paid 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%.

KeyCorp Company 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.

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