Vanguard Group Inc. Has $2 Billion Stock Holdings in KeyCorp (NYSE:KEY)

Key Points

• Vanguard Group Inc. boosted its holdings in KeyCorp by 7.2%, acquiring 8,412,625 shares, bringing its total ownership to approximately 11.44% of the company, valued at about $2 billion.
• KeyCorp's recent quarterly earnings reflected a profit of $0.35 EPS, surpassing analysts' expectations, with a revenue of $1.84 billion, marking a 20.6% increase year-over-year.
• The company announced a quarterly dividend of $0.205 per share, resulting in an annual dividend yield of 4.7%, set to be paid on September 15th.

Vanguard Group Inc. raised its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 7.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 125,345,385 shares of the financial services provider's stock after purchasing an additional 8,412,625 shares during the period. Vanguard Group Inc. owned 11.44% of KeyCorp worth $2,004,273,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of 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 worth $622,229,000 after acquiring an additional 1,645,296 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of KeyCorp by 4.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider's stock worth $465,929,000 after acquiring an additional 1,062,615 shares in the last quarter. Northern Trust Corp increased its position in shares of KeyCorp by 14.4% in the fourth quarter. Northern Trust Corp now owns 11,240,159 shares of the financial services provider's stock worth $192,656,000 after acquiring an additional 1,417,297 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of KeyCorp by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,882,234 shares of the financial services provider's stock worth $186,520,000 after acquiring an additional 576,567 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of KeyCorp by 1.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,184,447 shares of the financial services provider's stock worth $123,141,000 after acquiring an additional 69,849 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of KEY traded up $0.56 during mid-day trading on Tuesday, hitting $17.93. The company's stock had a trading volume of 24,621,953 shares, compared to its average volume of 33,668,584. The firm has a 50-day moving average price of $17.47 and a 200 day moving average price of $16.47. The stock has a market capitalization of $19.66 billion, a price-to-earnings ratio of -256.07, a PEG ratio of 0.61 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.81 billion. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business's revenue was up 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. On average, research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. KeyCorp's dividend payout ratio (DPR) is -1,171.43%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on KEY. Evercore ISI set a $17.00 price target on shares of KeyCorp in a report on Monday, April 28th. Truist Financial raised their price target on shares of KeyCorp from $17.00 to $19.00 and gave the company a "hold" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods lowered their price target on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Citigroup reaffirmed a "neutral" rating and set a $20.00 price target (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Finally, DA Davidson raised their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $19.39.

Insider Transactions at KeyCorp

In related news, insider Amy G. Brady sold 19,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider directly owned 82,523 shares in the company, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Trina M. Evans sold 17,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was 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. This represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,149 shares of company stock valued at $2,738,230 over the last ninety days. Corporate insiders own 0.52% of the company's stock.

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.