465,000 Shares in KeyCorp $KEY Purchased by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 465,000 KeyCorp shares worth approximately $10.7 million during the second quarter. Institutional investors and hedge funds collectively own 79.69% of the company.
• KeyCorp reported quarterly EPS of $0.44, exceeding the $0.42 analyst consensus, while revenue rose 6.7% year over year to $1.96 billion. Shares recently opened at $21.91.
• The company declared a quarterly dividend of $0.205 per share, representing a 3.7% annualized yield, and authorized a $3 billion share-repurchase program covering up to 13% of outstanding shares.

Canada Pension Plan Investment Board purchased a new stake in KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 465,000 shares of the financial services provider's stock, valued at approximately $10,718,000.

Several other institutional investors also recently bought and sold shares of KEY. Brighton Jones LLC acquired a new position in shares of KeyCorp during the fourth quarter valued at approximately $476,000. Woodline Partners LP boosted its stake in shares of KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock worth $1,346,000 after acquiring an additional 24,627 shares during 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 worth $90,000 after purchasing an additional 1,890 shares in the last quarter. Cresset Asset Management LLC increased its position 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 worth $263,000 after purchasing an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new position in KeyCorp in the 2nd quarter valued at $186,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Down 0.5%

Shares of NYSE KEY opened at $21.91 on Friday. The company has a market capitalization of $23.38 billion, a P/E ratio of 12.74, a P/E/G 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. The company has a 50 day simple moving average of $22.85 and a 200-day simple moving average of $21.77. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07.

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

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.205 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. KeyCorp's payout ratio is currently 47.67%.

KeyCorp declared that its board has authorized a share repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. TD Cowen restated a "buy" rating and issued a $68.00 price objective on shares of KeyCorp in a report on Tuesday, June 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of KeyCorp in a report on Friday, August 7th. Wells Fargo & Company increased their target price on shares of KeyCorp from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Morgan Stanley raised their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 22nd. One investment 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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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