KBC Group NV reduced its stake in shares of KeyCorp (NYSE: KEY – Get Rating) by 83.9% during the first quarter, according to the company in its latest filing with the Securities and Exchange Commission (SEC). The company held 106,451 shares of the financial services provider after selling 553,001 shares during the period. KBC Group NV’s participation in KeyCorp amounted to $2,382,000 at the end of the last reporting period.
Other hedge funds have also recently increased or reduced their stakes in the company. DeDora Capital Inc. bought a new position in KeyCorp during Q1 worth $28,000. Spectrum Management Group LLC acquired a new position in shares of KeyCorp during Q1 worth $35,000. Glassman Wealth Services increased its position in KeyCorp shares by 31.3% during the fourth quarter. Glassman Wealth Services now owns 1,778 shares of the financial services provider worth $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 buying an additional 575 shares last quarter. Finally, Nauset Wealth Management. LLC bought a new position in KeyCorp in the first quarter worth about $57,000. Institutional investors hold 83.24% of the company’s shares.
A Wall Street analyst gives his opinion
A number of research analysts have recently commented on the stock. Wells Fargo & Company lowered its price target on KeyCorp shares from $27.00 to $22.00 and set an “overweight” rating for the company in a Friday, July 1 report. Citigroup reduced its price target on KeyCorp shares from $22.00 to $19.00 and set a “neutral” rating on the stock in a Tuesday, July 12 research report. TheStreet downgraded KeyCorp shares from a “b” rating to a “c+” rating in a report released Wednesday. Goldman Sachs Group cut its price target on KeyCorp from $27.00 to $23.00 and set a “buy” rating on the stock in a Tuesday, May 31 report. Finally, Odeon Capital Group upgraded KeyCorp from a “buy” rating to a “hold” rating in a Tuesday, April 26 report. Two investment analysts gave the stock a sell rating, eight gave the company a hold rating and six gave the company a buy rating. Based on data from MarketBeat, KeyCorp currently has an average rating of “Hold” and a consensus price target of $23.39.
Performance of KeyCorp shares
KeyCorp shares opened at $18.06 on Friday. The company has a 50-day moving average price of $17.98 and a two-hundred-day moving average price of $20.96. KeyCorp has a 1-year low of $16.41 and a 1-year high of $27.17. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt ratio of 1.33. The company 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 (NYSE:KEY – Get Rating) last reported quarterly earnings data on Thursday, July 21. The financial services provider reported earnings per share (EPS) of $0.54 for the quarter, beating consensus analyst estimates of $0.52 by $0.02. The company posted revenue of $1.79 billion for the quarter, versus a consensus estimate of $1.76 billion. KeyCorp had a return on equity of 15.01% and a net margin of 28.53%. The company’s revenue increased by 1.1% compared to the same quarter last year. During the same period of the previous year, the company achieved EPS of $0.72. As a group, analysts expect KeyCorp to post EPS of 2.23 for the current year.
KeyCorp Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15. Shareholders of record on Tuesday, August 30 will receive a dividend of $0.195. This represents a dividend of $0.78 on an annualized basis and a dividend yield of 4.32%. The ex-dividend date is Monday, August 29. KeyCorp’s dividend payout ratio is 34.21%.
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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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