Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 81.37MM shares of KeyCorp (KEY). This represents 8.7% of the company.
In their previous filing dated February 1, 2022 they reported 83.63MM shares and 9.00% of the company, a decrease in shares of 2.71% and a decrease in total ownership of 0.30% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 7.44% Upside
As of February 7, 2023, the average one-year price target for KeyCorp is $21.25. The forecasts range from a low of $16.16 to a high of $39.90. The average price target represents an increase of 7.44% from its latest reported closing price of $19.78.
The projected annual revenue for KeyCorp is $7,951MM, an increase of 17.91%. The projected annual EPS is $2.32, an increase of 19.47%.
Fund Sentiment
There are 1543 funds or institutions reporting positions in KeyCorp. This is a decrease of 37 owner(s) or 2.34%.
Average portfolio weight of all funds dedicated to US:KEY is 0.2016%, a decrease of 3.4225%. Total shares owned by institutions decreased in the last three months by 1.17% to 919,211K shares.
What are large shareholders doing?
Capital International Investors holds 51,190,705 shares representing 5.48% ownership of the company. In it's prior filing, the firm reported owning 83,176,133 shares, representing a decrease of 62.48%. The firm decreased its portfolio allocation in KEY by 38.64% over the last quarter.
Boston Partners holds 32,450,273 shares representing 3.48% ownership of the company. In it's prior filing, the firm reported owning 30,731,421 shares, representing an increase of 5.30%. The firm increased its portfolio allocation in KEY by 2.85% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 27,821,443 shares representing 2.98% ownership of the company. In it's prior filing, the firm reported owning 27,453,095 shares, representing an increase of 1.32%. The firm decreased its portfolio allocation in KEY by 1.78% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 21,503,615 shares representing 2.30% ownership of the company. In it's prior filing, the firm reported owning 21,468,105 shares, representing an increase of 0.17%. The firm decreased its portfolio allocation in KEY by 2.63% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 21,143,609 shares representing 2.27% ownership of the company. In it's prior filing, the firm reported owning 20,642,706 shares, representing an increase of 2.37%. The firm decreased its portfolio allocation in KEY by 1.52% over the last quarter.
KeyCorp Declares $0.20 Dividend
KeyCorp said on January 12, 2023 that its board of directors declared a regular quarterly dividend of $0.20 per share ($0.82 annualized). Shareholders of record as of February 27, 2023 will receive the payment on March 15, 2023. Previously, the company paid $0.20 per share.
At the current share price of $19.78 / share, the stock's dividend yield is 4.15%. Looking back five years and taking a sample every week, the average dividend yield has been 4.07%, the lowest has been 1.93%, and the highest has been 8.64%. The standard deviation of yields is 1.11 (n=237).
The current dividend yield is 0.07 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.40. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.11%, demonstrating that it has increased its dividend over time.
Keycorp Background Information
(This description is provided by the company.)
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $170.3 billion at December 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,000 branches and approximately 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
