Sumitomo Mitsui Trust Holdings Inc. Lowers Holdings in KeyCorp (NYSE:KEY)

Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in KeyCorp (NYSE:KEY) by 37.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,887,169 shares of the financial services provider’s stock after selling 2,330,440 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in KeyCorp were worth $47,346,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. lifted its position in shares of KeyCorp by 1.0% in the first quarter. BlackRock Inc. now owns 81,849,545 shares of the financial services provider’s stock valued at $848,781,000 after acquiring an additional 776,713 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of KeyCorp by 5.6% in the first quarter. JPMorgan Chase & Co. now owns 41,220,877 shares of the financial services provider’s stock valued at $427,459,000 after acquiring an additional 2,170,031 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of KeyCorp by 2.7% in the first quarter. Geode Capital Management LLC now owns 16,533,238 shares of the financial services provider’s stock valued at $171,132,000 after acquiring an additional 436,808 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of KeyCorp by 5.7% in the first quarter. Bank of New York Mellon Corp now owns 8,311,226 shares of the financial services provider’s stock worth $86,188,000 after buying an additional 446,573 shares in the last quarter. Finally, Eaton Vance Management lifted its position in shares of KeyCorp by 23.9% in the first quarter. Eaton Vance Management now owns 7,721,767 shares of the financial services provider’s stock worth $80,348,000 after buying an additional 1,487,480 shares in the last quarter. Institutional investors and hedge funds own 79.38% of the company’s stock.

In other news, insider Angela G. Mago sold 3,646 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $12.46, for a total transaction of $45,429.16. Following the transaction, the insider now owns 171,829 shares of the company’s stock, valued at $2,140,989.34. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company’s stock.

KEY has been the topic of a number of research analyst reports. UBS Group downgraded KeyCorp from a “buy” rating to a “neutral” rating in a research report on Monday, May 4th. Bank of America downgraded KeyCorp from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $15.00 to $12.00 in a research report on Friday, July 10th. Argus decreased their target price on KeyCorp from $22.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. ValuEngine upgraded KeyCorp from a “sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Finally, BofA Securities downgraded KeyCorp from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $15.00 to $12.00 in a research report on Friday, July 10th. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $18.68.

KEY opened at $12.01 on Friday. The stock has a market cap of $11.71 billion, a price-to-earnings ratio of 10.63, a P/E/G ratio of 2.26 and a beta of 1.53. The stock’s 50 day moving average price is $12.26 and its 200-day moving average price is $13.61. KeyCorp has a one year low of $7.45 and a one year high of $20.52. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.91 and a current ratio of 0.92.

KeyCorp (NYSE:KEY) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.07. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.59 billion. KeyCorp had a return on equity of 8.52% and a net margin of 15.85%. The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 earnings per share. As a group, analysts predict that KeyCorp will post 0.95 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.185 per share. The ex-dividend date is Monday, August 31st. This represents a $0.74 dividend on an annualized basis and a dividend yield of 6.16%. KeyCorp’s dividend payout ratio is 41.11%.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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