Mitsubishi UFJ Asset Management Co. Ltd. Takes $51.83 Million Position in KeyCorp $KEY

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,248,752 shares of the financial services provider’s stock, valued at approximately $51,834,000.

Several other hedge funds also recently made changes to their positions in the company. Bank of Nova Scotia raised its holdings in KeyCorp by 0.6% during the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock valued at $3,268,076,000 after buying an additional 900,951 shares during the last quarter. Vanguard Group Inc. grew its holdings in KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after acquiring an additional 1,192,323 shares during the last quarter. Wellington Management Group LLP grew its holdings in KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC increased its position in shares of KeyCorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock valued at $493,048,000 after acquiring an additional 115,968 shares during the period. Finally, Capital World Investors increased its position in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock valued at $434,007,000 after acquiring an additional 238,514 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Down 3.1%

Shares of KeyCorp stock opened at $22.07 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The company has a market cap of $23.56 billion, a P/E ratio of 12.83, a PEG ratio of 0.75 and a beta of 1.03. The company’s fifty day simple moving average is $22.93 and its two-hundred day simple moving average is $21.79.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the company posted $0.35 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. Research analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wells Fargo & Company increased their target price on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Truist Financial boosted their price target on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, June 24th. Susquehanna boosted their price target on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Robert W. Baird upped their price target on KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. increased their price objective on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.14.

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.