Principal Financial Group Inc. Trims Holdings in KeyCorp (NYSE:KEY)

Principal Financial Group Inc. lessened its holdings in shares of KeyCorp (NYSE:KEY) by 5.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,086,206 shares of the financial services provider’s stock after selling 56,900 shares during the period. Principal Financial Group Inc. owned about 0.12% of KeyCorp worth $10,037,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Meiji Yasuda Asset Management Co Ltd. increased its holdings in KeyCorp by 2.1% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 26,413 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 540 shares during the period. Steward Partners Investment Advisory LLC boosted its position in KeyCorp by 2.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 24,363 shares of the financial services provider’s stock valued at $424,000 after acquiring an additional 584 shares in the last quarter. BOKF NA boosted its position in KeyCorp by 3.4% during the 4th quarter. BOKF NA now owns 20,170 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 665 shares in the last quarter. Cetera Investment Advisers boosted its position in KeyCorp by 4.1% during the 1st quarter. Cetera Investment Advisers now owns 18,427 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 720 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its position in KeyCorp by 1.4% during the 4th quarter. Neuberger Berman Group LLC now owns 56,920 shares of the financial services provider’s stock valued at $992,000 after acquiring an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 77.77% of the company’s stock.

Wall Street Analysts Forecast Growth

KEY has been the topic of several research reports. JPMorgan Chase & Co. cut their price objective on KeyCorp from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, October 5th. Morgan Stanley lifted their price objective on KeyCorp from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 27th. Wolfe Research raised KeyCorp from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 4th. Argus cut their price objective on KeyCorp from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. Finally, Piper Sandler raised KeyCorp from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $12.00 to $13.50 in a research report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.03.

KeyCorp Stock Performance

KEY stock opened at $12.25 on Tuesday. The stock has a market capitalization of $11.47 billion, a PE ratio of 9.88, a price-to-earnings-growth ratio of 2.28 and a beta of 1.26. KeyCorp has a 12-month low of $8.53 and a 12-month high of $20.30. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.96. The stock’s 50 day simple moving average is $10.81 and its 200 day simple moving average is $10.63.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The business had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $1.55 billion. KeyCorp had a return on equity of 11.64% and a net margin of 11.74%. During the same period in the prior year, the firm posted $0.55 EPS. As a group, research analysts forecast that KeyCorp will post 1.23 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Monday, November 27th. This represents a $0.82 dividend on an annualized basis and a yield of 6.69%. KeyCorp’s dividend payout ratio is presently 66.13%.

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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.