Principal Financial Group Inc. raised its position in shares of KeyCorp (NYSE:KEY – Get Rating) by 1.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund held 1,154,411 shares of the financial services provider after acquiring an additional 11,472 shares during the quarter. Principal Financial Group Inc. owned approximately 0.13% of KeyCorp worth $25,836,000 at the end of the most recent period.
Other institutional investors and hedge funds have also recently changed their positions in the company. DeDora Capital Inc. purchased a new stake in KeyCorp in the first quarter worth approximately $28,000. Spectrum Management Group LLC purchased a new stake in KeyCorp in the first quarter worth approximately $35,000. Glassman Wealth Services increased its stake in KeyCorp by 31.3% in the fourth quarter. Glassman Wealth Services now owns 1,778 shares of the financial services provider valued at $41,000 after buying 424 additional shares in the last quarter. MBM Wealth Consultants LLC increased its stake in KeyCorp by 37.3% in the fourth quarter. MBM Wealth Consultants LLC now owns 2,115 shares of the financial services provider valued at $49,000 after purchasing an additional 575 shares in the last quarter. Finally, Nauset Wealth Management. LLC purchased a new stake in KeyCorp in the first quarter worth approximately $57,000. Institutional investors hold 83.24% of the company’s shares.
KeyCorp stock up 1.7%
KEY stock opened at $19.78 on Wednesday. The company has a 50-day moving average of $17.87 and a 200-day moving average of $20.68. KeyCorp has a fifty-two week low of $16.41 and a fifty-two week high of $27.17. The company has a debt ratio of 1.33, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $18.44 billion, a P/E ratio of 8.68, a P/E/G ratio of 0.48 and a beta of 1.32.
KeyCorp (NYSE:KEY – Get Rating) last released its quarterly results on Thursday, July 21. The financial services provider reported EPS of $0.54 for the quarter, beating the consensus estimate of $0.52 by $0.02. KeyCorp had a return on equity of 15.01% and a net margin of 28.53%. The company posted revenue of $1.79 billion in the quarter, versus $1.76 billion expected by analysts. In the same period a year earlier, the company posted earnings per share of $0.72. The company’s quarterly revenue increased by 1.1% compared to the same quarter last year. On average, sell-side analysts expect KeyCorp to post earnings per share of 2.23 for the current fiscal year.
KeyCorp Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15. Investors of record on Tuesday, August 30 will receive a dividend of $0.195 per share. The ex-dividend date is Monday, August 29. This represents an annualized dividend of $0.78 and a yield of 3.94%. KeyCorp’s dividend payout ratio (DPR) is currently 34.21%.
Changes to analyst ratings
Several brokerages have published reports on KEY. Piper Sandler set a price target of $19.00 on KeyCorp in a Monday, June 20 report. Wedbush raised its price target on KeyCorp to $21.00 in a Friday July 22 report. Jefferies Financial Group lowered its price target on KeyCorp from $23.00 to $18.00 and set a “holding” rating for the company in a Monday, July 11 report. Citigroup lowered its price target on KeyCorp from $22.00 to $19.00 and set a “neutral” rating for the company in a Tuesday, July 12 report. Finally, JPMorgan Chase & Co. lowered its price target on KeyCorp from $25.00 to $20.50 and set a “neutral” rating for the company in a Friday, July 1 report. Two equity research analysts have assigned the stock a sell rating, eight have issued a hold rating and six have assigned the stock a buy rating. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.39.
KeyCorp Company Profile
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KeyCorp operates as a holding company of the KeyBank National Association which 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 investment deposits, products and services; and personal finance and financial wellness, student loan refinance, mortgage and home equity, loans, credit cards, cash flow, business consulting, wealth management, asset management, investing, cash management, management portfolio, trust and related services to individuals and small and medium-sized businesses.
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