UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 1,583,573 Shares of KeyCorp $KEY

Key Points

• UBS Asset Management reduced its KeyCorp stake by 19.5%, selling 1.58 million shares in the second quarter and retaining 6.55 million shares valued at approximately $151.1 million. Institutional investors collectively own 79.69% of KeyCorp.
• Analysts maintain a generally positive outlook, with KeyCorp receiving a “Moderate Buy” consensus rating and an average price target of $49.14, although individual targets vary substantially.
• KeyCorp exceeded quarterly earnings expectations, reporting $0.44 in adjusted EPS versus $0.42 forecast, while revenue rose 6.7% year over year. The company also authorized a $3 billion share repurchase program and declared a quarterly dividend of $0.205 per share, yielding about 3.9% annually.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 19.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,554,367 shares of the financial services provider's stock after selling 1,583,573 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.61% of KeyCorp worth $151,078,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. DV Equities LLC bought a new position in KeyCorp during the fourth quarter worth about $27,000. N.E.W. Advisory Services LLC bought a new stake in shares of KeyCorp in the 2nd quarter valued at about $30,000. Silvant Capital Management LLC bought a new stake in shares of KeyCorp in the 2nd quarter valued at about $30,000. Smithfield Trust Co acquired a new stake in shares of KeyCorp in the 4th quarter valued at approximately $31,000. Finally, Keating Financial Advisory Services Inc. bought a new position in KeyCorp during the 2nd quarter worth approximately $31,000. Institutional investors own 79.69% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on KEY. JPMorgan Chase & Co. boosted their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a report on Monday, July 6th. Stephens assumed coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 target price on the stock. DA Davidson reissued a "buy" rating and issued a $28.00 price target on shares of KeyCorp in a report on Wednesday, July 22nd. TD Cowen restated a "buy" rating and issued a $68.00 price objective on shares of KeyCorp in a research report on Tuesday, June 23rd. Finally, Morgan Stanley raised their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, KeyCorp currently has an average rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Price Performance

NYSE KEY opened at $21.20 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market cap of $22.62 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.71 and a beta of 1.02. The business has a 50 day simple moving average of $22.78 and a 200 day simple moving average of $21.74. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The firm 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%. During the same quarter in the previous year, the firm posted $0.35 earnings per share. The business's revenue was up 6.7% on a year-over-year basis. Analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp announced that its board has initiated a stock buyback plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

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 yield of 3.9%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's payout ratio is currently 47.67%.

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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