69,339 Shares in KeyCorp $KEY Acquired by Ancora Advisors LLC

Key Points

• Ancora Advisors LLC acquired 69,339 KeyCorp shares during the second quarter, valued at approximately $1.6 million. Institutional investors collectively own 79.69% of the company’s stock.
• KeyCorp reported quarterly EPS of $0.44, exceeding analysts’ $0.42 estimate, while revenue rose 6.7% year over year to $1.96 billion. Analysts maintain a consensus “Moderate Buy” rating.
• The company announced 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.

Ancora Advisors LLC bought a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 69,339 shares of the financial services provider's stock, valued at approximately $1,598,000.

Several other large investors have also recently modified their holdings of KEY. DV Equities LLC acquired a new position in shares of KeyCorp in the fourth quarter worth approximately $27,000. N.E.W. Advisory Services LLC acquired a new stake in KeyCorp during the 2nd quarter valued at approximately $30,000. Silvant Capital Management LLC acquired a new stake in KeyCorp during the 2nd quarter valued at approximately $30,000. Smithfield Trust Co bought a new position in KeyCorp during the 4th quarter worth approximately $31,000. Finally, Keating Financial Advisory Services Inc. bought a new position in KeyCorp during the 2nd quarter worth approximately $31,000. Institutional investors own 79.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Robert W. Baird increased their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Susquehanna boosted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the company a "positive" rating in a report on Monday, May 18th. Wells Fargo & Company upped their price target 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. Stephens started coverage on KeyCorp in a report on Monday, June 15th. They set an "overweight" rating and a $26.00 price target for the company. Finally, Truist Financial lifted their price objective on KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a research 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. Based on data from MarketBeat, KeyCorp presently has a consensus rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Stock Performance

Shares of KEY opened at $22.02 on Friday. 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 stock has a 50-day moving average of $22.86 and a 200-day moving average of $21.77. The company has a market cap of $23.49 billion, a PE ratio of 12.80, a P/E/G ratio of 0.72 and a beta of 1.03. KeyCorp has a one year low of $16.47 and a one year high of $24.07.

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

KeyCorp Dividend Announcement

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

KeyCorp declared that its Board of Directors has initiated a share repurchase plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

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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