JPMorgan Chase & Co. Buys 3,967,544 Shares of KeyCorp $KEY

JPMorgan Chase & Co. grew its stake in shares of KeyCorp (NYSE:KEY) by 123.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,182,671 shares of the financial services provider’s stock after purchasing an additional 3,967,544 shares during the period. JPMorgan Chase & Co.’s holdings in KeyCorp were worth $125,122,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in KeyCorp by 23.2% in the second quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock worth $1,867,000 after purchasing an additional 20,228 shares during the period. Signal Advisors Wealth LLC purchased a new stake in KeyCorp during the 2nd quarter valued at $431,000. Gradient Investments LLC bought a new stake in KeyCorp in the 2nd quarter worth about $1,973,000. AQR Capital Management LLC grew its stake in shares of KeyCorp by 5.1% in the first quarter. AQR Capital Management LLC now owns 417,667 shares of the financial services provider’s stock worth $6,495,000 after acquiring an additional 20,429 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in KeyCorp by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,356,598 shares of the financial services provider’s stock worth $117,632,000 after purchasing an additional 172,151 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Up 0.3%

Shares of KEY opened at $18.42 on Thursday. The firm has a market capitalization of $20.13 billion, a P/E ratio of 22.74, a P/E/G ratio of 0.52 and a beta of 1.18. 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 has a 12-month low of $12.73 and a 12-month high of $19.77. The firm has a fifty day moving average price of $17.94 and a 200-day moving average price of $17.72.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the company posted ($0.47) earnings per share. The company’s quarterly revenue was up 172.7% compared to the same quarter last year. Equities research analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.5%. The ex-dividend date is Tuesday, December 2nd. KeyCorp’s dividend payout ratio is presently 101.23%.

Insider Activity

In related news, insider Andrew J. Paine III sold 44,953 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the completion of the transaction, the insider owned 245,044 shares of the company’s stock, valued at $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth

KEY has been the subject of several research reports. Keefe, Bruyette & Woods upped their price target on shares of KeyCorp from $20.50 to $21.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of KeyCorp in a report on Thursday, November 20th. JPMorgan Chase & Co. boosted their target price on shares of KeyCorp from $19.00 to $19.50 and gave the stock a “neutral” rating in a report on Friday, October 10th. Truist Financial decreased their target price on KeyCorp from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Friday, October 17th. Finally, Evercore ISI increased their price objective on shares of KeyCorp from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.62.

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.