The Manufacturers Life Insurance Company Sells 682,896 Shares of KeyCorp $KEY

Key Points

• The Manufacturers Life Insurance Company cut its KeyCorp stake by 35.4% in the second quarter, selling 682,896 shares and retaining 1.25 million shares valued at approximately $28.7 million.
• KeyCorp reported quarterly earnings of $0.44 per share, exceeding estimates of $0.42, while revenue rose 6.7% year over year to $1.96 billion. Institutional investors collectively own 79.69% of the company.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $49.14. KeyCorp also declared a quarterly dividend of $0.205 per share, representing an annualized yield of about 3.8%.

The Manufacturers Life Insurance Company decreased its holdings in KeyCorp (NYSE:KEY - Free Report) by 35.4% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,245,525 shares of the financial services provider's stock after selling 682,896 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.12% of KeyCorp worth $28,709,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in KEY. Brighton Jones LLC bought a new stake in KeyCorp in the fourth quarter worth $476,000. Woodline Partners LP boosted its position in KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after buying an additional 24,627 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after buying an additional 1,890 shares during the last quarter. Cresset Asset Management LLC grew its stake in shares of KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after buying an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in shares of KeyCorp in the second quarter worth about $186,000. Institutional investors own 79.69% of the company's stock.

Analyst Ratings Changes

KEY has been the subject of a number of recent research reports. Weiss Ratings reissued a "buy (b)" rating on shares of KeyCorp in a research note on Friday, August 7th. Truist Financial raised their price target on KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a research report on Wednesday, June 24th. TD Cowen reaffirmed a "buy" rating and issued a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Keefe, Bruyette & Woods boosted their price objective on KeyCorp from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Wednesday, July 22nd. Finally, Robert W. Baird increased their price objective on KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. One 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Price Performance

KEY stock opened at $21.84 on Friday. The stock has a market capitalization of $23.30 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.82 and a beta of 1.02. The firm's 50-day moving average price is $22.59 and its two-hundred day moving average price is $21.75. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07.

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 during 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%. KeyCorp's revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 earnings per share. As a group, equities analysts predict that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp's dividend payout ratio is presently 47.67%.

About KeyCorp

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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