KeyCorp (NYSE:KEY) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System lessened its holdings in KeyCorp (NYSE:KEYGet Rating) by 6.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,205,856 shares of the financial services provider’s stock after selling 86,214 shares during the period. State Board of Administration of Florida Retirement System’s holdings in KeyCorp were worth $26,987,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. AIA Group Ltd lifted its holdings in shares of KeyCorp by 44.6% in the first quarter. AIA Group Ltd now owns 9,115 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 2,813 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of KeyCorp by 1.0% in the first quarter. CIBC Asset Management Inc now owns 91,086 shares of the financial services provider’s stock valued at $2,039,000 after purchasing an additional 865 shares in the last quarter. IFM Investors Pty Ltd lifted its holdings in shares of KeyCorp by 22.7% in the first quarter. IFM Investors Pty Ltd now owns 158,063 shares of the financial services provider’s stock valued at $3,537,000 after purchasing an additional 29,274 shares in the last quarter. Fagan Associates Inc. lifted its holdings in shares of KeyCorp by 3.2% in the first quarter. Fagan Associates Inc. now owns 16,081 shares of the financial services provider’s stock valued at $360,000 after purchasing an additional 506 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in shares of KeyCorp in the first quarter valued at about $281,000. Hedge funds and other institutional investors own 83.24% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Friday, July 22nd. TheStreet downgraded shares of KeyCorp from a “b” rating to a “c+” rating in a research note on Wednesday. The Goldman Sachs Group cut their price target on shares of KeyCorp from $27.00 to $23.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Wells Fargo & Company cut their price target on shares of KeyCorp from $27.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, July 1st. Finally, Wolfe Research cut their price target on shares of KeyCorp from $23.00 to $17.00 and set an “underperform” rating on the stock in a research note on Thursday, May 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $23.39.

KeyCorp Price Performance

KeyCorp stock opened at $18.06 on Friday. The firm has a fifty day moving average of $17.98 and a 200-day moving average of $21.00. The firm has a market capitalization of $16.84 billion, a P/E ratio of 7.92, a PEG ratio of 0.44 and a beta of 1.32. KeyCorp has a 52-week low of $16.41 and a 52-week high of $27.17. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.33.

KeyCorp (NYSE:KEYGet Rating) last released its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.76 billion. KeyCorp had a net margin of 28.53% and a return on equity of 15.01%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the business earned $0.72 EPS. As a group, analysts predict that KeyCorp will post 2.23 EPS for the current year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Tuesday, August 30th will be issued a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Monday, August 29th. KeyCorp’s payout ratio is 34.21%.

About KeyCorp

(Get Rating)

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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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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