MFG Wealth Management Inc. Sells 25,904 Shares of KeyCorp $KEY

MFG Wealth Management Inc. cut its stake in shares of KeyCorp (NYSE:KEY) by 14.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 152,721 shares of the financial services provider’s stock after selling 25,904 shares during the period. KeyCorp makes up approximately 2.2% of MFG Wealth Management Inc.’s investment portfolio, making the stock its 16th largest holding. MFG Wealth Management Inc.’s holdings in KeyCorp were worth $2,854,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in KEY. Price T Rowe Associates Inc. MD boosted its holdings in KeyCorp by 40.4% during the first 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 buying an additional 14,651,281 shares during the last quarter. Norges Bank bought a new stake in shares of KeyCorp in the 2nd quarter valued at about $195,642,000. HoldCo Asset Management LP bought a new position in KeyCorp during the 2nd quarter worth approximately $86,995,000. Wellington Management Group LLP boosted its stake in KeyCorp by 1,142.4% during the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider’s stock worth $79,978,000 after acquiring an additional 4,599,197 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in KeyCorp by 123.4% during the second quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock valued at $125,122,000 after purchasing an additional 3,967,544 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Trading Up 0.7%

KEY opened at $20.94 on Friday. The stock has a market capitalization of $22.89 billion, a P/E ratio of 25.85, a P/E/G ratio of 0.62 and a beta of 1.11. 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 $21.12. The firm’s fifty day simple moving average is $18.26 and its 200 day simple moving average is $18.10.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The company’s revenue was up 172.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.47) EPS. As a group, research analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, December 2nd. KeyCorp’s dividend payout ratio (DPR) is currently 101.23%.

Analyst Ratings Changes

Several research firms have weighed in on KEY. Royal Bank Of Canada increased their target price on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. DA Davidson upped their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Evercore ISI raised their price objective on KeyCorp from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Morgan Stanley boosted their target price on KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research note on Monday, September 29th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a report on Monday. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.44.

KeyCorp 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.