Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,248,752 shares of the financial services provider's stock, valued at approximately $51,834,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.21% of KeyCorp as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. M&T Bank Corp grew its stake in KeyCorp by 5,317.0% in the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider's stock worth $27,875,000 after buying an additional 1,325,588 shares in the last quarter. Jefferies Financial Group Inc. increased its holdings in shares of KeyCorp by 62.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider's stock worth $4,552,000 after buying an additional 84,497 shares during the last quarter. North Reef Capital Management LP purchased a new stake in shares of KeyCorp during the 1st quarter valued at $253,632,000. Bank of New York Mellon Corp raised its position in shares of KeyCorp by 14.8% during the 4th quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider's stock valued at $115,638,000 after buying an additional 721,421 shares in the last quarter. Finally, Mattson Financial Services LLC lifted its holdings in shares of KeyCorp by 298.1% during the 4th quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider's stock worth $1,564,000 after acquiring an additional 56,736 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.
KeyCorp Price Performance
Shares of KeyCorp stock opened at $22.07 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. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The company has a fifty day moving average of $22.93 and a 200-day moving average of $21.79. The stock has a market capitalization of $23.56 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 0.75 and a beta of 1.03.
KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm's revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 EPS. Equities research analysts expect that KeyCorp will post 1.83 EPS for the current year.
KeyCorp announced that its board has authorized a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.
KeyCorp Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio (DPR) is 47.67%.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. Argus raised KeyCorp to a "strong-buy" rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. raised their price target on KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a research report on Monday, July 6th. Wells Fargo & Company lifted their price target on KeyCorp from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods upped 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. Finally, Truist Financial increased their price objective on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, KeyCorp presently has an average rating of "Moderate Buy" and an average target price of $49.14.
View Our Latest Stock Report on KEY
About KeyCorp
(
Free Report)
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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