The Manufacturers Life Insurance Company Has $49.11 Million Stock Holdings in KeyCorp (NYSE:KEY)

The Manufacturers Life Insurance Company trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 0.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,931,947 shares of the financial services provider’s stock after selling 9,914 shares during the period. The Manufacturers Life Insurance Company’s holdings in KeyCorp were worth $49,110,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. raised its holdings in shares of KeyCorp by 13.5% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 49,007 shares of the financial services provider’s stock valued at $775,000 after purchasing an additional 5,824 shares during the period. California State Teachers Retirement System raised its holdings in shares of KeyCorp by 0.7% in 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 during the period. Comerica Bank raised its holdings in shares of KeyCorp by 124.1% in the 1st quarter. Comerica Bank now owns 849,551 shares of the financial services provider’s stock valued at $13,431,000 after purchasing an additional 470,520 shares during the period. Swedbank AB bought a new stake in shares of KeyCorp in the 1st quarter valued at about $8,203,000. Finally, PGGM Investments bought a new stake in shares of KeyCorp in the 1st quarter valued at about $179,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Carlton L. Highsmith sold 9,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the sale, the director now owns 37,864 shares in the company, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Angela G. Mago sold 15,011 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the sale, the insider now owns 234,582 shares in the company, valued at $4,595,461.38. This represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $19.52 on Friday. The company’s 50 day moving average price is $17.79 and its two-hundred day moving average price is $16.08. KeyCorp has a 12-month low of $11.64 and a 12-month high of $20.04. The firm has a market cap of $19.35 billion, a PE ratio of 1,952.00, a PEG ratio of 1.08 and a beta of 1.24. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. Equities research analysts predict that KeyCorp will post 1.09 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $0.82 annualized dividend and a dividend yield of 4.20%. KeyCorp’s dividend payout ratio is 8,200.00%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KEY. DA Davidson upped their target price on shares of KeyCorp from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, October 21st. Wells Fargo & Company increased their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 15th. UBS Group increased their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group increased their price target on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Robert W. Baird cut shares of KeyCorp from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $18.00 to $17.00 in a report on Monday, October 14th. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.26.

About KeyCorp

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.