Wellington Management Group LLP Raises Stake in KeyCorp (NYSE:KEY)

Wellington Management Group LLP lifted its position in KeyCorp (NYSE:KEY) by 104.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 407,448 shares of the financial services provider’s stock after purchasing an additional 208,077 shares during the period. Wellington Management Group LLP’s holdings in KeyCorp were worth $5,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in KeyCorp in the 4th quarter worth $128,203,000. Ceredex Value Advisors LLC bought a new stake in KeyCorp during the 4th quarter valued at approximately $64,421,000. AQR Capital Management LLC lifted its holdings in KeyCorp by 844.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,160,631 shares of the financial services provider’s stock worth $34,008,000 after purchasing an additional 2,825,977 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in KeyCorp by 26,297.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the financial services provider’s stock worth $39,005,000 after purchasing an additional 2,698,403 shares during the period. Finally, Impax Asset Management Group plc grew its holdings in KeyCorp by 11,813.2% during the 4th quarter. Impax Asset Management Group plc now owns 2,289,724 shares of the financial services provider’s stock valued at $32,972,000 after buying an additional 2,270,504 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on KEY. Argus upped their target price on shares of KeyCorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. JPMorgan Chase & Co. cut their price objective on KeyCorp from $17.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods lifted their target price on KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Evercore ISI dropped their price target on KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group lifted their price objective on KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and an average price target of $17.38.

KeyCorp Price Performance

KEY stock opened at $14.21 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.72. KeyCorp has a 12 month low of $9.10 and a 12 month high of $15.86. The stock has a market cap of $13.40 billion, a PE ratio of 17.99, a P/E/G ratio of 0.68 and a beta of 1.28. The company has a 50-day moving average price of $14.37 and a 200 day moving average price of $14.45.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the company posted $0.44 EPS. The company’s quarterly revenue was down 10.6% compared to the same quarter last year. Equities research analysts anticipate that KeyCorp will post 1.13 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Tuesday, May 28th were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.77%. The ex-dividend date was Friday, May 24th. KeyCorp’s dividend payout ratio is currently 103.80%.

KeyCorp Company Profile

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.