Wellington Management Group LLP Makes New Investment in KeyCorp (NYSE:KEY)

Wellington Management Group LLP bought a new position in shares of KeyCorp (NYSE:KEY) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 199,371 shares of the financial services provider’s stock, valued at approximately $2,145,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. American Century Companies Inc. lifted its stake in shares of KeyCorp by 14.0% in the 3rd quarter. American Century Companies Inc. now owns 640,787 shares of the financial services provider’s stock valued at $6,895,000 after purchasing an additional 78,773 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of KeyCorp by 6.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 216,309 shares of the financial services provider’s stock valued at $2,327,000 after purchasing an additional 12,819 shares during the period. Comerica Bank lifted its stake in shares of KeyCorp by 1,216,358.8% in the 3rd quarter. Comerica Bank now owns 413,596 shares of the financial services provider’s stock valued at $4,450,000 after purchasing an additional 413,562 shares during the period. Creative Planning lifted its stake in shares of KeyCorp by 9.8% in the 3rd quarter. Creative Planning now owns 118,816 shares of the financial services provider’s stock valued at $1,278,000 after purchasing an additional 10,629 shares during the period. Finally, Harbour Investments Inc. lifted its stake in shares of KeyCorp by 305.8% in the 3rd quarter. Harbour Investments Inc. now owns 21,176 shares of the financial services provider’s stock valued at $228,000 after purchasing an additional 15,958 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Raymond James assumed coverage on KeyCorp in a research note on Monday, January 8th. They issued a “market perform” rating on the stock. Wells Fargo & Company upped their price target on KeyCorp from $12.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, December 14th. Barclays dropped their price target on KeyCorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, January 19th. Piper Sandler upped their price target on KeyCorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, January 26th. Finally, Wedbush dropped their price target on KeyCorp from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.69.

KeyCorp Stock Performance

KEY stock opened at $15.65 on Thursday. The firm has a market cap of $14.51 billion, a PE ratio of 17.58 and a beta of 1.27. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.61. The business has a 50 day moving average of $14.40 and a 200-day moving average of $12.90. KeyCorp has a 12-month low of $8.53 and a 12-month high of $15.65.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.25 EPS for the quarter, beating the consensus estimate of $0.23 by $0.02. KeyCorp had a return on equity of 10.63% and a net margin of 8.61%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. As a group, sell-side analysts expect that KeyCorp will post 1.18 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, February 27th were paid a $0.205 dividend. The ex-dividend date was Monday, February 26th. This represents a $0.82 annualized dividend and a yield of 5.24%. KeyCorp’s payout ratio is 92.13%.

Insider Activity at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 3,405 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $14.24, for a total transaction of $48,487.20. Following the sale, the insider now owns 214,630 shares in the company, valued at $3,056,331.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Angela G. Mago sold 3,405 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $14.24, for a total transaction of $48,487.20. Following the transaction, the insider now directly owns 214,630 shares of the company’s stock, valued at $3,056,331.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Douglas M. Schosser sold 3,326 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.00, for a total value of $46,564.00. Following the completion of the sale, the chief accounting officer now directly owns 19,795 shares in the company, valued at $277,130. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,442 shares of company stock worth $303,914. Insiders own 0.54% of the company’s stock.

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; 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.