KeyCorp Stock Receives Institutional Support, Franklin Resources Leads (NYSE:KEY)

3 min read | December 23, 2024 09:44 AM PST | By Team Kalkine Media

KeyCorp Stock Receives Institutional Support, Franklin Resources Leads (NYSE:KEY) — Image source: Shutterstock

Franklin Resources Expands Stake in KeyCorp (NYSE:KEY)

Franklin Resources Inc. made a notable move in the third quarter, increasing its stake in KeyCorp. by a remarkable 340%. According to the company’s recent SEC filing, Franklin now holds a total of 413,011 shares in the financial institution, a significant rise from previous holdings. This expansion reflects the firm's confidence in KeyCorp's prospects, with the updated stake valued at approximately $7.19 million.

Growth in KeyCorp Stake by Other Institutional Investors

Franklin Resources is not the only institutional investor that has been increasing its stake in KeyCorp. Several other hedge funds and investment firms have also shown increased interest in the financial services provider. For instance, Financial Advocates Investment Management grew its holdings by 2.3%, while HM Payson & Co. saw a 27% increase in its KeyCorp position. These increases in holdings reflect a broader trend of institutional support, with 79.69% of KeyCorp’s stock now controlled by institutional investors.

KeyCorp, a well-established financial services provider, operates primarily through its subsidiary, KeyBank National Association. The company offers a wide array of services, including retail and commercial banking products, wealth management, asset management, and various financial services aimed at individuals and small to medium-sized businesses.

KeyCorp's Recent Stock Performance

As of the latest trading session, KeyCorp’s stock opened at $17.09, with a market capitalization of approximately $16.94 billion. The company has experienced fluctuations over the past year, with a 52-week low of $12.94 and a high of $20.04. KeyCorp’s stock has a price-to-earnings ratio of 1,709.00 and a beta of 1.25, which indicates its volatility relative to the broader market.

Quarterly Earnings Report

KeyCorp’s most recent quarterly earnings report, posted on October 17, revealed better-than-expected results. The company reported earnings per share (EPS) of $0.30, surpassing analysts' consensus estimates of $0.27 by $0.03. KeyCorp’s revenue for the quarter came in at $1.60 billion, exceeding the projected $1.59 billion. The company also reported a return on equity of 8.24%, highlighting its financial health.

KeyCorp's Dividend Announcement

Along with its earnings results, KeyCorp recently announced a dividend payment to shareholders. This adds an element of value for those holding the company's stock, particularly institutional stakeholders who have accumulated significant positions. The dividend payout underscores KeyCorp's commitment to maintaining a stable and rewarding financial standing.

KeyCorp continues to attract institutional attention, as seen with the large stake increase by Franklin Resources. With positive earnings performance and ongoing interest from institutional investors, KeyCorp remains a company with solid institutional backing in the financial sector.

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