Invst LLC purchased a new stake in KeyCorp (NYSE:KEY – Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 36,581 shares of the financial services provider’s stock, valued at approximately $843,000.
Several other hedge funds also recently added to or reduced their stakes in the stock. Bank of Nova Scotia purchased a new position in shares of KeyCorp in the 2nd quarter valued at $3,636,436,000. BlackRock Inc. purchased a new stake in KeyCorp in the second quarter valued at $2,039,113,000. Wellington Management Group LLP lifted its position in KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Deutsche Bank AG acquired a new position in KeyCorp in the second quarter valued at $380,244,000. Finally, Norges Bank acquired a new position in KeyCorp in the fourth quarter valued at $262,688,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.
KeyCorp Price Performance
Shares of NYSE KEY opened at $21.90 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a fifty day moving average price of $22.88 and a 200 day moving average price of $21.78. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07. The company has a market cap of $23.37 billion, a PE ratio of 12.73, a P/E/G ratio of 0.72 and a beta of 1.03.
KeyCorp Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. KeyCorp’s payout ratio is presently 47.67%.
KeyCorp declared that its board has initiated a stock repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on KEY. JPMorgan Chase & Co. lifted their target price on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. DA Davidson reissued a “buy” rating and issued a $28.00 target price on shares of KeyCorp in a research report on Wednesday, July 22nd. UBS Group raised their price target on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Susquehanna lifted their price target on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research report on Monday, May 18th. Finally, Keefe, Bruyette & Woods boosted their price objective on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.14.
View Our Latest Stock Analysis on KEY
KeyCorp Profile
KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.
The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.
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