Bank of Nova Scotia Has $3.27 Billion Stock Holdings in KeyCorp $KEY

Bank of Nova Scotia grew its position in KeyCorp (NYSE:KEY) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 162,996,326 shares of the financial services provider’s stock after acquiring an additional 900,951 shares during the period. KeyCorp accounts for 5.4% of Bank of Nova Scotia’s portfolio, making the stock its 3rd largest holding. Bank of Nova Scotia owned about 0.15% of KeyCorp worth $3,268,076,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in KeyCorp by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock valued at $2,576,110,000 after purchasing an additional 1,192,323 shares in the last quarter. Wellington Management Group LLP boosted its stake in KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. Geode Capital Management LLC boosted its stake in KeyCorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after purchasing an additional 115,968 shares in the last quarter. Capital World Investors boosted its stake in KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after purchasing an additional 238,514 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of KeyCorp by 4.7% during the fourth quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock worth $424,507,000 after purchasing an additional 916,732 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

KeyCorp stock opened at $22.69 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The company has a market cap of $24.49 billion, a PE ratio of 13.19, a PEG ratio of 0.73 and a beta of 1.02. The company’s 50-day moving average is $22.44 and its two-hundred day moving average is $21.59.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the firm earned $0.35 EPS. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. Equities analysts anticipate that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its board has initiated a stock buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

Key KeyCorp News

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: Jim Cramer said regional banks have been a “fantastic place to be” and specifically recommended KeyCorp, reinforcing bullish sentiment toward the stock. Jim Cramer: ‘Regional Banks Have Been A Fantastic Place To Be’
• Positive Sentiment: Analysts have been raising their outlooks after KeyCorp’s Q2 beat, citing solid earnings and improving growth trends; Keefe, Bruyette & Woods lifted its target to $26 and kept an outperform rating. KeyCorp Analysts Increase Their Forecasts After Upbeat Q2 Earnings
• Positive Sentiment: Bank of America reiterated a Buy rating with a $26 target, saying guidance was raised for loan growth and net interest income, which supports the bullish case for KeyCorp. KeyCorp: Buy Rating Reaffirmed as 2026 Guidance Raised for Loan Growth and Net Interest Income, with $26 Price Target
• Positive Sentiment: Scotiabank said its stake in KeyCorp will add $82 million to third-quarter net income, a potentially meaningful tailwind for profitability. Scotiabank says stake in KeyCorp will add $82M to third-quarter net income
• Neutral Sentiment: Some coverage noted that KeyCorp’s stock underperformed peers on Tuesday, suggesting the rally may be uneven despite the improved fundamental and analyst backdrop. KeyCorp stock underperforms Tuesday when compared to competitors
• Negative Sentiment: One earnings-focused report said Q2 revenue was pressured by weaker-than-expected noninterest income and margin performance, which could temper enthusiasm around the quarter. KeyCorp’s Q2 revenue hit by weaker-than-expected noninterest income, margin trails consensus

Analysts Set New Price Targets

A number of brokerages have recently weighed in on KEY. Piper Sandler raised their target price on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Evercore reiterated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Truist Financial increased their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, June 24th. UBS Group raised their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Jefferies Financial Group boosted their target price on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, April 17th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.