DAVENPORT & Co LLC Continues to Hold Position in KeyCorp (KEY)

DAVENPORT & Co LLC maintained its stake in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,200 shares of the financial services provider’s stock at the end of the second quarter. DAVENPORT & Co LLC’s holdings in KeyCorp were worth $497,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares in the last quarter. Janus Capital Management LLC raised its stake in shares of KeyCorp by 2,048.7% in the first quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock worth $112,317,000 after buying an additional 6,023,049 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of KeyCorp during the first quarter worth approximately $47,742,000. Finally, JPMorgan Chase & Co. raised its stake in shares of KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after buying an additional 2,386,757 shares in the last quarter. Hedge funds and other institutional investors own 81.46% of the company’s stock.

Shares of KeyCorp (NYSE KEY) traded up 0.36% during mid-day trading on Monday, hitting $19.29. The company’s stock had a trading volume of 7,303,852 shares. The company has a market cap of $21.14 billion, a PE ratio of 22.46 and a beta of 1.13. The stock has a 50-day moving average of $18.14 and a 200-day moving average of $18.20. KeyCorp has a 12-month low of $11.06 and a 12-month high of $19.53.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.04. KeyCorp had a return on equity of 9.30% and a net margin of 14.69%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The business’s revenue for the quarter was up 44.4% compared to the same quarter last year. On average, equities research analysts forecast that KeyCorp will post $1.33 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Tuesday, May 30th were issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.97%. This is a boost from KeyCorp’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, May 25th. KeyCorp’s payout ratio is 44.71%.

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Several research firms have commented on KEY. BMO Capital Markets upped their price objective on KeyCorp to $22.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Keefe, Bruyette & Woods set a $19.00 price objective on KeyCorp and gave the stock a “hold” rating in a research report on Tuesday, April 4th. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Monday, April 24th. DA Davidson began coverage on KeyCorp in a research report on Thursday, March 23rd. They issued a “neutral” rating and a $19.00 price objective on the stock. Finally, FBR & Co restated an “outperform” rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research report on Thursday, April 20th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eighteen have given a buy rating to the company’s stock. KeyCorp currently has an average rating of “Buy” and an average price target of $19.10.

KeyCorp Company Profile

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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