The Manufacturers Life Insurance Company Sells 54,552 Shares of KeyCorp $KEY

The Manufacturers Life Insurance Company lowered its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,928,421 shares of the financial services provider's stock after selling 54,552 shares during the period. The Manufacturers Life Insurance Company owned 0.18% of KeyCorp worth $38,665,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after acquiring an additional 17,245,128 shares in the last quarter. Norges Bank purchased a new stake in shares of KeyCorp during the 4th quarter worth $262,688,000. North Reef Capital Management LP bought a new stake in KeyCorp during the first quarter valued at about $253,632,000. Eurizon Capital SGR S.p.A. bought a new stake in KeyCorp during the fourth quarter valued at about $150,843,000. Finally, AQR Capital Management LLC grew its stake in KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider's stock valued at $147,862,000 after purchasing an additional 5,776,417 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on KEY. Stephens began coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 target price for the company. Piper Sandler raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Friday, April 17th. The Goldman Sachs Group lifted their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. UBS Group lifted 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, Weiss Ratings upgraded shares of KeyCorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $49.14.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by insiders.

KeyCorp Trading Up 2.0%

Shares of NYSE:KEY opened at $22.61 on Friday. The business's 50-day moving average is $22.57 and its 200 day moving average is $21.63. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The firm has a market capitalization of $24.41 billion, a P/E ratio of 13.15, a P/E/G ratio of 0.73 and a beta of 1.02. 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 released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm's revenue was up 6.7% compared to the same quarter last year. During the same period last year, the business posted $0.35 earnings per share. On average, research analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio (DPR) is presently 47.67%.

KeyCorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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