Nykredit A S bought a new stake in shares of KeyCorp (NYSE:KEY – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 181,064 shares of the financial services provider’s stock, valued at approximately $4,174,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC purchased a new stake in KeyCorp during the fourth quarter valued at about $476,000. Woodline Partners LP boosted its position in shares of KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after purchasing an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after acquiring an additional 1,890 shares in the last quarter. Cresset Asset Management LLC raised its holdings in shares of KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of KeyCorp during the 2nd quarter valued at about $186,000. 79.69% of the stock is owned by hedge funds and other institutional investors.
KeyCorp Stock Performance
Shares of NYSE:KEY opened at $22.20 on Monday. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The firm has a market capitalization of $23.69 billion, a PE ratio of 12.91, a P/E/G ratio of 0.84 and a beta of 1.02. 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 business’s 50 day moving average price is $22.71 and its 200-day moving average price is $21.75.
KeyCorp declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
KeyCorp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is 47.67%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on KEY shares. TD Cowen reiterated a “buy” rating and issued a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Morgan Stanley increased their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Royal Bank Of Canada raised their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Susquehanna raised their price objective on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. Finally, Robert W. Baird boosted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.14.
Read Our Latest Stock Report on KEY
About KeyCorp
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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