Concurrent Investment Advisors LLC Increases Stock Holdings in KeyCorp $KEY

Key Points

• Concurrent Investment Advisors nearly doubled its KeyCorp stake by purchasing an additional 211,690 shares, bringing its holdings to 435,809 shares valued at approximately $10.05 million. Institutional investors collectively own 79.69% of the company.
• KeyCorp reported quarterly earnings of $0.44 per share, exceeding analyst expectations of $0.42, while revenue rose 6.7% year over year to $1.96 billion.
• 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.

Concurrent Investment Advisors LLC increased its position in KeyCorp (NYSE:KEY - Free Report) by 94.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 435,809 shares of the financial services provider's stock after acquiring an additional 211,690 shares during the quarter. Concurrent Investment Advisors LLC's holdings in KeyCorp were worth $10,045,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Retireful LLC lifted its stake in KeyCorp by 5.0% in the 2nd quarter. Retireful LLC now owns 14,309 shares of the financial services provider's stock worth $330,000 after purchasing an additional 681 shares in the last quarter. Continuum Advisory LLC purchased a new stake in shares of KeyCorp in the second quarter worth $148,000. Nykredit A S purchased a new stake in shares of KeyCorp in the second quarter worth $4,174,000. B. Metzler seel. Sohn & Co. AG boosted its stake in KeyCorp by 69.0% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 129,751 shares of the financial services provider's stock valued at $2,991,000 after buying an additional 52,981 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in KeyCorp during the second quarter valued at $253,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Trading Up 0.4%

Shares of KEY stock opened at $22.20 on Friday. 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 business has a 50-day moving average price of $22.71 and a two-hundred day moving average price of $21.75. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The firm has a market cap of $23.69 billion, a P/E ratio of 12.91, a price-to-earnings-growth ratio of 0.84 and a beta of 1.02.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $1.96 billion for 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%.The company's revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 EPS. Equities analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal 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 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 payout ratio is presently 47.67%.

KeyCorp announced that its board has authorized a stock repurchase program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. TD Cowen restated a "buy" rating and issued a $68.00 target price on shares of KeyCorp in a research note on Tuesday, June 23rd. Argus raised KeyCorp to a "strong-buy" rating in a report on Wednesday, July 29th. Stephens initiated coverage on shares of KeyCorp in a research report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.14.

KeyCorp Company 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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