Comerica Bank Purchases 470,520 Shares of KeyCorp (NYSE:KEY)

Comerica Bank increased its position in shares of KeyCorp (NYSE:KEY) by 124.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 849,551 shares of the financial services provider’s stock after acquiring an additional 470,520 shares during the quarter. Comerica Bank’s holdings in KeyCorp were worth $13,431,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. California State Teachers Retirement System increased its stake in KeyCorp by 0.7% during the 1st quarter. California State Teachers Retirement System now owns 1,500,518 shares of the financial services provider’s stock valued at $23,723,000 after purchasing an additional 10,487 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in shares of KeyCorp by 13.5% in the first quarter. B. Riley Wealth Advisors Inc. now owns 49,007 shares of the financial services provider’s stock worth $775,000 after acquiring an additional 5,824 shares during the period. Interval Partners LP increased its stake in shares of KeyCorp by 31.7% in the first quarter. Interval Partners LP now owns 1,444,822 shares of the financial services provider’s stock worth $22,843,000 after acquiring an additional 347,837 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of KeyCorp by 37.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,473,909 shares of the financial services provider’s stock worth $39,113,000 after acquiring an additional 679,290 shares during the period. Finally, Earnest Partners LLC increased its stake in shares of KeyCorp by 12.7% in the first quarter. Earnest Partners LLC now owns 10,090,594 shares of the financial services provider’s stock worth $159,532,000 after acquiring an additional 1,137,374 shares during the period. Institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Keefe, Bruyette & Woods increased their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, April 5th. Argus increased their price target on shares of KeyCorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, April 19th. JPMorgan Chase & Co. lowered their price target on shares of KeyCorp from $17.50 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, June 27th. Finally, Royal Bank of Canada increased their price target on shares of KeyCorp from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.13.

KeyCorp Price Performance

Shares of NYSE:KEY traded down $0.87 during midday trading on Thursday, hitting $15.26. The company’s stock had a trading volume of 8,839,022 shares, compared to its average volume of 14,832,715. The business’s 50 day simple moving average is $14.52 and its 200 day simple moving average is $14.61. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $14.39 billion, a P/E ratio of 19.33, a price-to-earnings-growth ratio of 0.88 and a beta of 1.26. KeyCorp has a 12-month low of $9.50 and a 12-month high of $16.50.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share. On average, analysts forecast that KeyCorp will post 1.12 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 27th will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 5.37%. The ex-dividend date is Tuesday, August 27th. KeyCorp’s payout ratio is currently 103.80%.

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.