Credit Suisse AG Has $36.08 Million Holdings in KeyCorp (NYSE:KEY)

Posted by Defense World Staff on Aug 22nd, 2023

Credit Suisse AG increased its stake in shares of KeyCorp (NYSE:KEY – Free Report) by 58.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,882,128 shares of the financial services provider’s stock after purchasing an additional 1,060,129 shares during the period. Credit Suisse AG owned approximately 0.31% of KeyCorp worth $36,084,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of KeyCorp by 1.2% during the first quarter. Vanguard Group Inc. now owns 111,201,600 shares of the financial services provider’s stock worth $2,488,691,000 after purchasing an additional 1,278,193 shares during the period. Boston Partners grew its stake in KeyCorp by 0.3% in the fourth quarter. Boston Partners now owns 32,534,320 shares of the financial services provider’s stock valued at $566,984,000 after acquiring an additional 84,047 shares during the period. Royal Bank of Canada grew its stake in KeyCorp by 0.6% in the first quarter. Royal Bank of Canada now owns 21,965,131 shares of the financial services provider’s stock valued at $491,578,000 after acquiring an additional 136,741 shares during the period. Federated Hermes Inc. grew its stake in KeyCorp by 21.0% in the first quarter. Federated Hermes Inc. now owns 20,409,671 shares of the financial services provider’s stock valued at $255,529,000 after acquiring an additional 3,544,491 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in KeyCorp by 11.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,753,312 shares of the financial services provider’s stock valued at $344,103,000 after acquiring an additional 1,993,369 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on KEY. Piper Sandler decreased their target price on KeyCorp from $13.50 to $11.50 in a research note on Thursday, June 15th. Odeon Capital Group raised KeyCorp from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research note on Monday, May 22nd. 888 reissued a “maintains” rating on shares of KeyCorp in a research note on Tuesday, June 13th. Royal Bank of Canada reduced their price objective on KeyCorp from $16.00 to $14.00 in a research report on Tuesday, June 13th. Finally, TheStreet cut KeyCorp from a “b-” rating to a “c+” rating in a research report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.60.

Read Our Latest Report on KeyCorp

KeyCorp Stock Performance

KEY opened at $10.89 on Tuesday. KeyCorp has a 52-week low of $8.53 and a 52-week high of $20.30. The firm has a market capitalization of $10.19 billion, a PE ratio of 7.26, a PEG ratio of 1.99 and a beta of 1.26. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.86 and a current ratio of 0.87. The business’s 50-day simple moving average is $10.67 and its 200 day simple moving average is $12.26.

KeyCorp (NYSE:KEY – Get Free Report) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.05). The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.62 billion. KeyCorp had a return on equity of 13.78% and a net margin of 14.93%. The business’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 EPS. As a group, sell-side analysts expect that KeyCorp will post 1.26 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be paid a $0.205 dividend. The ex-dividend date of this dividend is Monday, August 28th. This represents a $0.82 annualized dividend and a yield of 7.53%. KeyCorp’s dividend payout ratio is 54.67%.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Amy G. Brady sold 12,388 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $10.11, for a total value of $125,242.68. Following the sale, the insider now owns 106,733 shares in the company, valued at $1,079,070.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other KeyCorp news, Director Devina A. Rankin acquired 10,000 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were purchased at an average price of $11.49 per share, for a total transaction of $114,900.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $114,900. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Amy G. Brady sold 12,388 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $10.11, for a total value of $125,242.68. Following the completion of the sale, the insider now owns 106,733 shares in the company, valued at approximately $1,079,070.63. The disclosure for this sale can be found here. Corporate insiders own 0.54% of the company’s stock.

About KeyCorp

(Free Report)

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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.