Cibc World Market Inc. Takes $2.64 Million Position in KeyCorp $KEY

Key Points

• Cibc World Market Inc. opened a new position in KeyCorp, buying 127,927 shares worth about $2.64 million in the fourth quarter.
• KeyCorp recently reported better-than-expected quarterly results, posting EPS of $0.44 versus the $0.41 estimate and revenue of $1.95 billion, up 10.2% year over year.
• The bank also announced a $3 billion share buyback and a quarterly dividend of $0.205 per share, implying an annualized yield of about 3.8%.

Cibc World Market Inc. acquired a new stake in KeyCorp (NYSE:KEY - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 127,927 shares of the financial services provider's stock, valued at approximately $2,640,000.

Several other hedge funds also recently modified their holdings of the stock. CIBC Asset Management Inc increased its stake in shares of KeyCorp by 65.2% in the 4th quarter. CIBC Asset Management Inc now owns 223,201 shares of the financial services provider's stock valued at $4,607,000 after acquiring an additional 88,070 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of KeyCorp by 14.8% in 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 acquiring an additional 721,421 shares in the last quarter. Natixis Advisors LLC increased its stake in shares of KeyCorp by 9.4% in the 4th quarter. Natixis Advisors LLC now owns 172,528 shares of the financial services provider's stock valued at $3,561,000 after acquiring an additional 14,791 shares in the last quarter. AXQ Capital LP bought a new stake in shares of KeyCorp in the 4th quarter valued at $623,000. Finally, Rothschild Wealth LLC bought a new stake in shares of KeyCorp in the 4th quarter valued at $229,000. Institutional investors own 79.69% of the company's stock.

KeyCorp Price Performance

KEY opened at $21.80 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $23.63 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 0.69 and a beta of 1.03. The firm's fifty day moving average price is $21.34 and its two-hundred day moving average price is $20.84. KeyCorp has a 1 year low of $15.59 and a 1 year high of $23.34.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 EPS. As a group, analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp's payout ratio is currently 50.31%.

KeyCorp declared that its board has initiated a share buyback program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on KEY shares. DA Davidson lifted their price objective on shares of KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Royal Bank Of Canada boosted their price target on shares of KeyCorp from $22.00 to $24.00 and gave the company an "outperform" rating in a research note on Friday, April 17th. Susquehanna boosted their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a "positive" rating in a research note on Monday, May 18th. Wall Street Zen lowered shares of KeyCorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Finally, Jefferies Financial Group boosted their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.78.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the transaction, the insider directly owned 281,564 shares of the company's stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by corporate insiders.

KeyCorp Profile

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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