Elo Mutual Pension Insurance Co Purchases New Shares in KeyCorp (NYSE:KEY)

Elo Mutual Pension Insurance Co purchased a new stake in shares of KeyCorp (NYSE:KEY) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 78,924 shares of the financial services provider’s stock, valued at approximately $1,122,000.

A number of other hedge funds also recently bought and sold shares of KEY. Norges Bank purchased a new stake in KeyCorp during the fourth quarter valued at $128,203,000. BI Asset Management Fondsmaeglerselskab A S raised its stake in KeyCorp by 81.5% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,684 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 9,737 shares in the last quarter. Quest Partners LLC purchased a new stake in KeyCorp during the fourth quarter valued at $98,000. Cambridge Investment Research Advisors Inc. raised its stake in KeyCorp by 15.5% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 123,736 shares of the financial services provider’s stock valued at $1,782,000 after purchasing an additional 16,625 shares in the last quarter. Finally, US Bancorp DE raised its stake in KeyCorp by 4.2% during the fourth quarter. US Bancorp DE now owns 396,336 shares of the financial services provider’s stock valued at $5,707,000 after purchasing an additional 16,147 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KEY. UBS Group downgraded shares of KeyCorp from a “buy” rating to a “neutral” rating and reduced their target price for the company from $16.00 to $15.00 in a research note on Monday, July 8th. Citigroup increased their target price on shares of KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. Jefferies Financial Group increased their target price on shares of KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, August 19th. Morgan Stanley increased their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. Finally, Wedbush increased their target price on shares of KeyCorp from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.65.

Insiders Place Their Bets

In other KeyCorp news, Director Carlton L. Highsmith sold 10,000 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $16.21, for a total transaction of $162,100.00. Following the completion of the sale, the director now directly owns 46,864 shares of the company’s stock, valued at $759,665.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.61% of the stock is owned by company insiders.

KeyCorp Stock Down 1.3 %

Shares of KeyCorp stock opened at $17.12 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.85 and a quick ratio of 0.85. KeyCorp has a 1 year low of $9.50 and a 1 year high of $17.39. The firm’s 50-day moving average is $16.05 and its two-hundred day moving average is $15.10. The stock has a market cap of $16.14 billion, a price-to-earnings ratio of 21.67, a PEG ratio of 0.90 and a beta of 1.25.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the business earned $0.27 EPS. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. As a group, research analysts expect that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.79%. The ex-dividend date was Tuesday, August 27th. KeyCorp’s payout ratio is 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.