Meiji Yasuda Asset Management Co Ltd. Grows Position in KeyCorp (NYSE:KEY)

Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of KeyCorp (NYSE:KEY) by 8.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 14,303 shares of the financial services provider’s stock after purchasing an additional 1,150 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in KeyCorp were worth $203,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of KEY. Freestone Capital Holdings LLC purchased a new position in KeyCorp during the first quarter valued at approximately $561,000. Assenagon Asset Management S.A. increased its holdings in shares of KeyCorp by 87.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock valued at $18,598,000 after acquiring an additional 610,688 shares during the period. Commerce Bank raised its position in shares of KeyCorp by 399.7% in the 1st quarter. Commerce Bank now owns 456,136 shares of the financial services provider’s stock worth $7,212,000 after acquiring an additional 364,850 shares in the last quarter. Cibc World Markets Corp lifted its stake in shares of KeyCorp by 44.4% during the 4th quarter. Cibc World Markets Corp now owns 217,122 shares of the financial services provider’s stock worth $3,127,000 after purchasing an additional 66,806 shares during the last quarter. Finally, Seven Eight Capital LP bought a new stake in KeyCorp during the fourth quarter valued at about $801,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 1.3 %

KEY stock opened at $17.12 on Friday. The company has a market capitalization of $16.14 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 0.90 and a beta of 1.25. KeyCorp has a 12 month low of $9.50 and a 12 month high of $17.39. The firm’s fifty day simple moving average is $16.05 and its 200-day simple moving average is $15.10. 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 (NYSE:KEY) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the business posted $0.27 EPS. The company’s revenue was down 4.3% on a year-over-year basis. As a group, equities research analysts forecast that KeyCorp will post 1.09 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend was Tuesday, August 27th. KeyCorp’s payout ratio is currently 103.80%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. DA Davidson boosted their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a report on Tuesday, September 10th. Wedbush boosted their target price on KeyCorp from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Morgan Stanley upped their target price on KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Finally, Evercore ISI dropped their price target on KeyCorp from $17.50 to $16.50 and set an “outperform” rating on the stock in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and an average target price of $16.65.

Insider Activity

In related news, Director Carlton L. Highsmith sold 10,000 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $16.21, for a total value of $162,100.00. Following the completion of the transaction, the director now owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.61% of the company’s stock.

KeyCorp 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.