B. Metzler seel. Sohn & Co. AG bought a new stake in KeyCorp (NYSE:KEY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 129,751 shares of the financial services provider's stock, valued at approximately $2,991,000.
A number of other hedge funds have also recently made changes to their positions in the company. N.E.W. Advisory Services LLC bought a new stake in KeyCorp during the 2nd quarter worth approximately $30,000. Silvant Capital Management LLC bought a new position in shares of KeyCorp during the second quarter valued at $30,000. DV Equities LLC bought a new position in shares of KeyCorp during the fourth quarter valued at $27,000. Smithfield Trust Co acquired a new position in shares of KeyCorp during the fourth quarter worth $31,000. Finally, Kelleher Financial Advisors acquired a new position in shares of KeyCorp during the third quarter worth $32,000. 79.69% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
KEY has been the topic of several analyst reports. Stephens started coverage on shares of KeyCorp in a research note on Monday, June 15th. They issued an "overweight" rating and a $26.00 price objective on the stock. Robert W. Baird raised their target price on KeyCorp from $22.00 to $23.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Susquehanna lifted their target price on KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a report on Monday, May 18th. TD Cowen reiterated a "buy" rating and issued a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of KeyCorp in a research note on Friday, August 7th. One 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $49.14.
Check Out Our Latest Stock Analysis on KeyCorp
KeyCorp Price Performance
Shares of NYSE KEY opened at $21.89 on Friday. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The firm has a fifty day simple moving average of $22.91 and a 200 day simple moving average of $21.79. The company has a market capitalization of $23.36 billion, a PE ratio of 12.73, a P/E/G ratio of 0.72 and a beta of 1.03. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63.
KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results 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. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business's quarterly revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts forecast that KeyCorp will post 1.83 EPS for the current year.
KeyCorp Announces Dividend
The firm 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 $0.205 dividend. 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 payout ratio is currently 47.67%.
KeyCorp declared that its Board of Directors has initiated a stock buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.
KeyCorp Company Profile
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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.
Further Reading
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