BlackRock Inc. acquired a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 88,464,784 shares of the financial services provider's stock, valued at approximately $2,039,113,000. BlackRock Inc. owned about 8.29% of KeyCorp at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in KEY. Pallas Capital Advisors LLC bought a new stake in shares of KeyCorp during the second quarter worth about $305,000. Deutsche Bank AG acquired a new position in KeyCorp during the 2nd quarter valued at about $380,244,000. Perigon Wealth Management LLC acquired a new position in KeyCorp during the 2nd quarter valued at about $215,000. Commerzbank Aktiengesellschaft FI bought a new stake in KeyCorp during the 2nd quarter worth approximately $235,000. Finally, Trust Co. of Vermont bought a new stake in KeyCorp during the 2nd quarter worth approximately $44,000. 79.69% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently commented on KEY shares. Wall Street Zen downgraded KeyCorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. DA Davidson reiterated a "buy" rating and set a $28.00 price target on shares of KeyCorp in a report on Wednesday, July 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of KeyCorp in a research report on Friday, August 7th. UBS Group increased their price target on KeyCorp from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Susquehanna lifted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a report on Monday, May 18th. One 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.14.
Check Out Our Latest Stock Analysis on KEY
KeyCorp Price Performance
KeyCorp stock opened at $22.07 on Thursday. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The company's 50 day moving average price is $22.93 and its two-hundred day moving average price is $21.79. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The stock has a market cap of $23.56 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.75 and a beta of 1.03.
KeyCorp (NYSE:KEY - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp's quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. On average, equities analysts predict that KeyCorp will post 1.83 earnings per share for the current year.
KeyCorp Dividend Announcement
The firm also recently disclosed 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 of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 3.7%. KeyCorp's payout ratio is currently 47.67%.
KeyCorp announced that its Board of Directors has initiated a stock 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 purchase up to 13% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.
KeyCorp 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.
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