224,825 Shares in KeyCorp $KEY Bought by Cibc World Market Inc.

Key Points

• CIBC World Market Inc. acquired 224,825 KeyCorp shares during the second quarter, valued at approximately $5.18 million. Institutional investors collectively own 79.69% of KeyCorp.
• KeyCorp reported quarterly EPS of $0.44, beating expectations of $0.42, while revenue rose 6.7% year over year to $1.96 billion. The board also authorized a $3 billion share-repurchase program, covering up to 13% of outstanding shares.
• KeyCorp declared a quarterly dividend of $0.205 per share, equivalent to an annualized yield of about 3.7%. Analysts’ overall consensus rating is “Moderate Buy,” with a reported consensus price target of $49.14.

Cibc World Market Inc. purchased a new stake in KeyCorp (NYSE:KEY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 224,825 shares of the financial services provider's stock, valued at approximately $5,182,000.

A number of other hedge funds also recently modified their holdings of KEY. Bank of Nova Scotia lifted its position in KeyCorp by 0.6% in the first quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider's stock worth $3,268,076,000 after purchasing an additional 900,951 shares during the period. Vanguard Group Inc. increased its holdings in KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider's stock valued at $2,576,110,000 after buying an additional 1,192,323 shares during the period. BlackRock Inc. bought a new stake in KeyCorp in the 2nd quarter valued at $2,039,113,000. Wellington Management Group LLP raised its stake in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock valued at $679,768,000 after buying an additional 17,245,128 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of KeyCorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock valued at $493,048,000 after buying an additional 115,968 shares in the last quarter. Institutional investors own 79.69% of the company's stock.

KeyCorp Stock Up 0.1%

Shares of KEY opened at $21.90 on Wednesday. The company has a market capitalization of $23.37 billion, a P/E ratio of 12.73, a PEG ratio of 0.72 and a beta of 1.03. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The business's 50 day simple moving average is $22.88 and its 200-day simple moving average is $21.78.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the firm posted $0.35 EPS. The business's revenue was up 6.7% on a year-over-year basis. As a group, sell-side analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp declared that its board has authorized a stock repurchase 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 buy up to 13% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm 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 dividend of $0.205 per share. 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 is presently 47.67%.

Wall Street Analysts Forecast Growth

KEY has been the topic of several analyst reports. Wall Street Zen lowered KeyCorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods boosted their price target on KeyCorp from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Robert W. Baird upped their price target on KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. UBS Group increased their price objective on KeyCorp from $25.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Finally, Truist Financial lifted their price objective on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.14.

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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