Primecap Management Co. CA acquired a new stake in KeyCorp (NYSE:KEY – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,699,430 shares of the financial services provider’s stock, valued at approximately $39,172,000.
Several other hedge funds and other institutional investors have also modified their holdings of KEY. DV Equities LLC bought a new position in KeyCorp during the fourth quarter worth $27,000. N.E.W. Advisory Services LLC bought a new stake in KeyCorp in the 2nd quarter valued at $30,000. Silvant Capital Management LLC bought a new stake in KeyCorp in the 2nd quarter valued at $30,000. Smithfield Trust Co acquired a new stake in KeyCorp in the 4th quarter worth $31,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in KeyCorp in the 2nd quarter worth $31,000. Institutional investors and hedge funds own 79.69% of the company’s stock.
KeyCorp Price Performance
NYSE:KEY opened at $22.10 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The company has a 50-day moving average of $22.87 and a 200-day moving average of $21.78. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The company has a market capitalization of $23.58 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 0.72 and a beta of 1.03.
KeyCorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.
KeyCorp declared that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Analyst Ratings Changes
A number of brokerages have recently commented on KEY. JPMorgan Chase & Co. upped their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research report on Monday, July 6th. Stephens initiated coverage on KeyCorp in a research note on Monday, June 15th. They set an “overweight” rating and a $26.00 price target on the stock. Morgan Stanley upped their price target on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Robert W. Baird raised their price objective on KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and an average price target of $49.14.
Check Out Our Latest Research Report on KEY
KeyCorp Company 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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