State Street Corp Has $1.18 Billion Stock Position in KeyCorp $KEY

Key Points

• State Street increased its KeyCorp stake by 9% in the second quarter, adding 4.24 million shares to own 51.37 million shares worth approximately $1.18 billion, or 4.81% of the company.
• Other major institutions, including Bank of Nova Scotia and BlackRock, also established sizable KeyCorp positions; institutional investors now own 79.69% of the stock.
• KeyCorp reported quarterly EPS of $0.44, exceeding estimates by $0.02, while revenue rose 6.7% year over year. The company maintains a $0.205 quarterly dividend, equivalent to a 4.0% annualized yield, and analysts give the stock a consensus “Moderate Buy” rating.

State Street Corp lifted its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 9.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,368,660 shares of the financial services provider's stock after buying an additional 4,238,225 shares during the period. State Street Corp owned about 4.81% of KeyCorp worth $1,184,048,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Bank of Nova Scotia bought a new position in KeyCorp in the 2nd quarter valued at approximately $3,636,436,000. BlackRock Inc. acquired a new position in KeyCorp in the 2nd quarter valued at approximately $2,039,113,000. Deutsche Bank AG acquired a new position in KeyCorp in the 2nd quarter valued at approximately $380,244,000. Norges Bank bought a new position in shares of KeyCorp during the fourth quarter valued at $262,688,000. Finally, North Reef Capital Management LP bought a new position in shares of KeyCorp during the first quarter valued at $253,632,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Stock Down 1.9%

Shares of NYSE KEY opened at $20.47 on Wednesday. The stock has a market capitalization of $21.85 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.79 and a beta of 1.02. The company has a 50-day moving average price of $22.29 and a 200-day moving average price of $21.76. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm's revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.35 EPS. On average, equities research analysts forecast that KeyCorp will post 1.83 EPS for the current fiscal 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 issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 4.0%. KeyCorp's dividend payout ratio is 47.67%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on KEY. UBS Group increased their price objective on KeyCorp from $25.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Stephens reiterated an "overweight" rating and issued a $26.00 price target on shares of KeyCorp in a research report on Tuesday, September 15th. TD Cowen reissued a "buy" rating and issued a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Robert W. Baird raised their price objective on KeyCorp from $22.00 to $23.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of KeyCorp in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of "Moderate Buy" and an average target price of $49.14.

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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