Principal Financial Group Inc. Cuts Position in KeyCorp (NYSE:KEY)

Principal Financial Group Inc. trimmed its stake in KeyCorp (NYSE:KEY) by 0.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,080,814 shares of the financial services provider’s stock after selling 6,906 shares during the quarter. Principal Financial Group Inc.’s holdings in KeyCorp were worth $18,104,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in KEY. Charles Schwab Investment Management Inc. raised its holdings in KeyCorp by 3.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,606,503 shares of the financial services provider’s stock worth $529,409,000 after purchasing an additional 993,942 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its stake in KeyCorp by 12.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock valued at $288,403,000 after acquiring an additional 2,213,872 shares in the last quarter. Earnest Partners LLC grew its holdings in KeyCorp by 23.2% in the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock worth $176,631,000 after purchasing an additional 2,339,454 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of KeyCorp by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock worth $149,299,000 after purchasing an additional 300,339 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of KeyCorp by 3.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock valued at $119,170,000 after purchasing an additional 222,187 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on KEY. Barclays upped their target price on KeyCorp from $16.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods increased their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Robert W. Baird cut shares of KeyCorp from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $18.00 to $17.00 in a research note on Monday, October 14th. Citigroup lowered shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a research note on Thursday, November 7th. Finally, Evercore ISI boosted their price objective on shares of KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and an average target price of $19.16.

Insider Activity

In other news, insider Angela G. Mago sold 15,011 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total value of $294,065.49. Following the transaction, the insider now owns 234,582 shares in the company, valued at $4,595,461.38. This trade represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total value of $154,260.00. Following the sale, the director now owns 37,864 shares of the company’s stock, valued at $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $17.39 on Friday. The firm has a market cap of $17.24 billion, a PE ratio of 1,739.00, a P/E/G ratio of 1.00 and a beta of 1.25. KeyCorp has a twelve month low of $12.94 and a twelve month high of $20.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average price of $18.28 and a 200 day moving average price of $16.57.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Sell-side analysts predict that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.72%. The ex-dividend date of this dividend was Tuesday, December 3rd. KeyCorp’s payout ratio is 8,200.00%.

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.