Los Angeles Capital Management LLC cut its holdings in KeyCorp (NYSE:KEY – Get Rating) by 12.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 809,549 shares of the financial services provider’s stock after selling 119,029 shares during the period. Los Angeles Capital Management LLC’s holdings in KeyCorp were worth $18,118,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale raised its position in KeyCorp by 2.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 284,301 shares of the financial services provider’s stock valued at $6,541,000 after purchasing an additional 5,545 shares during the period. Regentatlantic Capital LLC purchased a new stake in KeyCorp in the first quarter valued at approximately $215,000. Atria Investments LLC raised its position in KeyCorp by 8.7% in the first quarter. Atria Investments LLC now owns 60,445 shares of the financial services provider’s stock valued at $1,353,000 after purchasing an additional 4,836 shares during the period. DNB Asset Management AS raised its position in KeyCorp by 11.5% in the first quarter. DNB Asset Management AS now owns 209,960 shares of the financial services provider’s stock valued at $4,699,000 after purchasing an additional 21,639 shares during the period. Finally, First Trust Advisors LP raised its position in KeyCorp by 22.9% in the fourth quarter. First Trust Advisors LP now owns 3,097,095 shares of the financial services provider’s stock valued at $71,636,000 after purchasing an additional 576,948 shares during the period. 83.24% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts have issued reports on KEY shares. The Goldman Sachs Group cut their target price on KeyCorp from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Tuesday, May 31st. Piper Sandler set a $19.00 target price on KeyCorp in a research report on Monday, June 20th. Odeon Capital Group cut KeyCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 26th. Citigroup reduced their price objective on KeyCorp from $22.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 12th. Finally, Wolfe Research reduced their price objective on KeyCorp from $23.00 to $17.00 and set an “underperform” rating on the stock in a research note on Thursday, May 26th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, KeyCorp presently has an average rating of “Hold” and a consensus price target of $23.39.
KeyCorp Price Performance
KeyCorp (NYSE:KEY – Get Rating) last posted its earnings results on Thursday, July 21st. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.76 billion. KeyCorp had a return on equity of 15.01% and a net margin of 28.53%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 earnings per share. Equities research analysts anticipate that KeyCorp will post 2.23 earnings per share for the current fiscal year.
KeyCorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Tuesday, August 30th will be paid a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a yield of 4.32%. The ex-dividend date is Monday, August 29th. KeyCorp’s payout ratio is 34.21%.
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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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