First Trust Advisors LP Sells 264,796 Shares of KeyCorp $KEY

First Trust Advisors LP lowered its holdings in shares of KeyCorp (NYSE:KEY) by 13.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,742,483 shares of the financial services provider’s stock after selling 264,796 shares during the quarter. First Trust Advisors LP’s holdings in KeyCorp were worth $30,354,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC raised its position in shares of KeyCorp by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after buying an additional 1,890 shares in the last quarter. Invesco Ltd. increased its stake in KeyCorp by 2.4% during the second quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock worth $367,783,000 after acquiring an additional 488,730 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in KeyCorp during the second quarter worth approximately $13,959,000. M&T Bank Corp raised its position in KeyCorp by 5.7% during the second quarter. M&T Bank Corp now owns 42,676 shares of the financial services provider’s stock valued at $743,000 after purchasing an additional 2,285 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in shares of KeyCorp by 41.2% in the 2nd quarter. Fisher Asset Management LLC now owns 94,676 shares of the financial services provider’s stock valued at $1,649,000 after purchasing an additional 27,648 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on KEY shares. Morgan Stanley boosted their target price on KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Keefe, Bruyette & Woods increased their target price on shares of KeyCorp from $20.50 to $21.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. UBS Group lifted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Finally, Cowen upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a report on Tuesday. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.91.

KeyCorp Trading Up 2.6%

NYSE KEY opened at $20.50 on Thursday. The stock has a market cap of $22.40 billion, a PE ratio of 25.30, a PEG ratio of 0.60 and a beta of 1.11. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.67. The company’s 50-day moving average price is $17.99 and its 200-day moving average price is $17.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.03. The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The firm’s quarterly revenue was up 172.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.47) EPS. Equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Tuesday, December 2nd will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $0.82 annualized dividend and a yield of 4.0%. KeyCorp’s dividend payout ratio is 101.23%.

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.