Skandinaviska Enskilda Banken AB publ Grows Stock Position in KeyCorp $KEY

Skandinaviska Enskilda Banken AB publ increased its stake in KeyCorp (NYSE:KEY) by 6.2% in the second quarter, HoldingsChannel reports. The fund owned 201,447 shares of the financial services provider’s stock after purchasing an additional 11,782 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in KeyCorp were worth $3,509,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in KeyCorp by 40.4% in 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 period. Norges Bank purchased a new position in shares of KeyCorp in the second quarter worth $195,642,000. Vanguard Group Inc. increased its stake in shares of KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock worth $2,004,273,000 after buying an additional 8,412,625 shares during the period. Wellington Management Group LLP raised its holdings 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 valued at $79,978,000 after buying an additional 4,599,197 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in KeyCorp by 123.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock valued at $125,122,000 after buying an additional 3,967,544 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

KEY has been the topic of a number of analyst reports. Evercore ISI boosted their price objective on shares of KeyCorp from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Jefferies Financial Group boosted their price target on KeyCorp from $18.00 to $19.00 and gave the company a “hold” rating in a report on Monday. TD Cowen upped their price target on KeyCorp from $20.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, October 3rd. JPMorgan Chase & Co. increased their price objective on KeyCorp from $19.00 to $19.50 and gave the stock a “neutral” rating in a report on Friday, October 10th. Finally, Wells Fargo & Company boosted their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, October 3rd. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.68.

KeyCorp Stock Up 1.3%

Shares of NYSE:KEY opened at $18.62 on Tuesday. The firm has a market capitalization of $20.34 billion, a P/E ratio of 22.98, a P/E/G ratio of 0.52 and a beta of 1.18. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50 day moving average price of $17.91 and a 200-day moving average price of $17.77. KeyCorp has a 52-week low of $12.73 and a 52-week high of $19.58.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.03. The company had revenue of $1.90 billion for 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 firm’s revenue for the quarter was up 172.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.47) earnings per share. As a group, equities research analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.4%. KeyCorp’s dividend payout ratio is currently 101.23%.

Insider Activity

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

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.