Franklin Resources Inc. Has $312.43 Million Holdings in KeyCorp $KEY

Franklin Resources Inc. cut its holdings in shares of KeyCorp (NYSE:KEY) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,137,271 shares of the financial services provider’s stock after selling 662,348 shares during the period. Franklin Resources Inc. owned 1.39% of KeyCorp worth $312,433,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in KeyCorp by 2.7% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider’s stock valued at $37,641,000 after purchasing an additional 53,682 shares during the period. Synovus Financial Corp acquired a new position in KeyCorp during the 3rd quarter valued at about $2,253,000. M&T Bank Corp lifted its position in KeyCorp by 5,317.0% during the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after purchasing an additional 1,325,588 shares during the period. Xponance Inc. lifted its position in KeyCorp by 31.0% during the 3rd quarter. Xponance Inc. now owns 471,949 shares of the financial services provider’s stock valued at $8,821,000 after purchasing an additional 111,753 shares during the period. Finally, Caisse Des Depots ET Consignations acquired a new position in KeyCorp during the 3rd quarter valued at about $1,294,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $22.07 on Wednesday. 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 company has a market capitalization of $23.93 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 0.69 and a beta of 1.03. The firm’s 50 day simple moving average is $21.39 and its 200 day simple moving average is $20.88. KeyCorp has a fifty-two week low of $15.59 and a fifty-two week high of $23.34.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. As a group, sell-side analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Evercore reiterated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Robert W. Baird increased their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. Finally, Truist Financial cut their price target on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research report on Monday, March 23rd. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.78.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the sale, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

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.