Bank of New York Mellon Corp Has $110.14 Million Stock Holdings in KeyCorp $KEY

Bank of New York Mellon Corp lowered its holdings in shares of KeyCorp (NYSE:KEY) by 2.0% in the 1st quarter, HoldingsChannel reports. The firm owned 5,493,277 shares of the financial services provider’s stock after selling 109,360 shares during the period. Bank of New York Mellon Corp’s holdings in KeyCorp were worth $110,140,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in KEY. Illinois Municipal Retirement Fund bought a new position in KeyCorp during the first quarter worth $936,000. Sanctuary Advisors LLC raised its holdings in shares of KeyCorp by 16.3% during the first quarter. Sanctuary Advisors LLC now owns 37,838 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 5,306 shares during the period. Checchi Capital Advisers LLC acquired a new position in shares of KeyCorp during the first quarter valued at about $205,000. ABC Arbitrage SA bought a new position in shares of KeyCorp during the 1st quarter worth about $361,000. Finally, Bryn Mawr Trust Advisors LLC boosted its position in shares of KeyCorp by 63.0% during the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 24,877 shares of the financial services provider’s stock worth $499,000 after purchasing an additional 9,614 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. The Goldman Sachs Group upped their target price on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Morgan Stanley boosted their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Finally, Susquehanna boosted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research report on Monday, May 18th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.34.

KeyCorp Trading Down 0.9%

NYSE KEY opened at $23.34 on Tuesday. The business’s fifty day moving average is $22.33 and its 200-day moving average is $21.55. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $25.19 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 0.74 and a beta of 1.02. KeyCorp has a one year low of $16.47 and a one year high of $24.07.

KeyCorp announced that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

KeyCorp Company 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.