MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Purchases New Position in KeyCorp (NYSE:KEY)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in shares of KeyCorp (NYSE:KEY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 126,346 shares of the financial services provider’s stock, valued at approximately $1,795,000.

A number of other hedge funds also recently bought and sold shares of KEY. Charles Schwab Investment Management Inc. grew its holdings in shares of KeyCorp by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock worth $337,191,000 after acquiring an additional 289,258 shares during the period. Aigen Investment Management LP bought a new stake in shares of KeyCorp in the 4th quarter worth approximately $1,556,000. Freestone Capital Holdings LLC bought a new position in KeyCorp in the 1st quarter valued at approximately $561,000. Assenagon Asset Management S.A. lifted its position in KeyCorp by 87.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock valued at $18,598,000 after acquiring an additional 610,688 shares in the last quarter. Finally, Commerce Bank lifted its position in KeyCorp by 399.7% in the 1st quarter. Commerce Bank now owns 456,136 shares of the financial services provider’s stock valued at $7,212,000 after acquiring an additional 364,850 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insiders Place Their Bets

In other KeyCorp news, Director Carlton L. Highsmith sold 10,000 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $16.21, for a total transaction of $162,100.00. Following the completion of the transaction, the director now owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on KEY shares. Morgan Stanley upped their price objective on KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Citigroup upped their price objective on KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of KeyCorp in a research report on Tuesday, August 13th. UBS Group cut KeyCorp from a “buy” rating to a “neutral” rating and lowered their price target for the company from $16.00 to $15.00 in a report on Monday, July 8th. Finally, DA Davidson increased their price target on KeyCorp from $16.00 to $18.00 and gave the company a “buy” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.65.

KeyCorp Price Performance

KEY stock traded up $0.18 during trading on Friday, reaching $17.06. The company’s stock had a trading volume of 12,129,062 shares, compared to its average volume of 16,299,387. KeyCorp has a 1 year low of $9.50 and a 1 year high of $17.20. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $16.09 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 0.95 and a beta of 1.26. The company’s fifty day moving average is $15.39 and its 200-day moving average is $14.87.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the business posted $0.27 EPS. KeyCorp’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, research analysts expect that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be paid a $0.205 dividend. The ex-dividend date is Tuesday, August 27th. This represents a $0.82 dividend on an annualized basis and a yield of 4.81%. KeyCorp’s payout ratio is presently 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.