Northwestern Mutual Wealth Management Co. Grows Stock Position in KeyCorp $KEY

Northwestern Mutual Wealth Management Co. boosted its holdings in KeyCorp (NYSE:KEY) by 54.9% during the second quarter, HoldingsChannel reports. The fund owned 84,996 shares of the financial services provider’s stock after buying an additional 30,107 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in KeyCorp were worth $1,481,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in KEY. Vanguard Group Inc. raised its position in KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock valued at $2,004,273,000 after purchasing an additional 8,412,625 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of KeyCorp by 40.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock worth $814,756,000 after purchasing an additional 14,651,281 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in KeyCorp by 12.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 30,511,720 shares of the financial services provider’s stock valued at $487,882,000 after buying an additional 3,327,972 shares during the period. Geode Capital Management LLC lifted its position in KeyCorp by 1.5% in the second quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock valued at $428,084,000 after buying an additional 359,573 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in KeyCorp by 19.5% during the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider’s stock worth $329,777,000 after buying an additional 3,363,421 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Price Performance

Shares of NYSE KEY opened at $19.26 on Friday. The firm has a market capitalization of $21.05 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 0.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $19.73. The stock’s 50-day simple moving average is $17.91 and its 200-day simple moving average is $17.81.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating 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 firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the firm posted ($0.47) EPS. The company’s revenue was up 172.7% on a year-over-year basis. As a group, equities research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, December 2nd. KeyCorp’s dividend payout ratio is presently 101.23%.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of research analyst reports. Truist Financial reduced their price target on shares of KeyCorp from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Friday, October 17th. JPMorgan Chase & Co. lifted their price objective on shares of KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a report on Friday, October 10th. DA Davidson reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, October 17th. UBS Group boosted 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, Royal Bank Of Canada upped their price objective on KeyCorp from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Eight investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, KeyCorp presently has a consensus rating of “Hold” and an average price target of $20.59.

Insiders Place Their Bets

In other KeyCorp news, insider Andrew J. Paine III sold 44,953 shares of the firm’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the transaction, the insider directly owned 245,044 shares of the company’s stock, valued at approximately $4,726,898.76. This trade represents a 15.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.52% of the stock is currently owned by corporate insiders.

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.