PGGM Investments Acquires New Holdings in KeyCorp (NYSE:KEY)

PGGM Investments bought a new stake in KeyCorp (NYSE:KEY) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 11,308 shares of the financial services provider’s stock, valued at approximately $179,000.

Several other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in shares of KeyCorp by 8.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 273,010 shares of the financial services provider’s stock valued at $3,931,000 after buying an additional 21,395 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in KeyCorp by 35.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock valued at $4,747,000 after acquiring an additional 86,579 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of KeyCorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock worth $337,191,000 after acquiring an additional 289,258 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of KeyCorp in the fourth quarter worth about $1,556,000. Finally, Miller Howard Investments Inc. NY acquired a new stake in shares of KeyCorp during the fourth quarter worth about $7,200,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Down 5.1 %

NYSE:KEY opened at $14.45 on Friday. KeyCorp has a twelve month low of $9.50 and a twelve month high of $16.50. The firm has a market capitalization of $13.63 billion, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 0.78 and a beta of 1.26. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37. The stock’s 50 day moving average price is $14.54 and its two-hundred day moving average price is $14.62.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 earnings per share. Equities research analysts expect that KeyCorp will post 1.12 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th will be issued a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.67%. KeyCorp’s payout ratio is 103.80%.

Wall Street Analyst Weigh In

KEY has been the subject of a number of research reports. Jefferies Financial Group increased their target price on KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Evercore ISI lowered their price objective on shares of KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Argus raised their price objective on shares of KeyCorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Royal Bank of Canada increased their target price on KeyCorp from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, JPMorgan Chase & Co. cut their price target on KeyCorp from $17.50 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.13.

About KeyCorp

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.