Connor Clark & Lunn Investment Management Ltd. Makes New Investment in KeyCorp $KEY

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 54,482 shares of the financial services provider's stock, valued at approximately $1,256,000.

Several other institutional investors have also added to or reduced their stakes in KEY. Brighton Jones LLC purchased a new stake in KeyCorp in the fourth quarter valued at approximately $476,000. Woodline Partners LP boosted its stake in KeyCorp by 41.4% during the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock worth $1,346,000 after purchasing an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after purchasing an additional 1,890 shares in the last quarter. Cresset Asset Management LLC grew its holdings in shares of KeyCorp by 6.5% in the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after purchasing an additional 926 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in shares of KeyCorp during the 2nd quarter worth approximately $186,000. Institutional investors and hedge funds own 79.69% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on KEY. UBS Group upped their price target on KeyCorp from $25.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods upped their price target 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. Susquehanna lifted 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. JPMorgan Chase & Co. increased their target price on shares of KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a report on Monday, July 6th. Finally, Wells Fargo & Company upped their target price on KeyCorp from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Stock Performance

NYSE:KEY opened at $21.91 on Monday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The firm's fifty day simple moving average is $22.85 and its 200 day simple moving average is $21.76. The firm has a market capitalization of $23.38 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 17.83% and a return on equity of 11.23%. The firm's revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 EPS. As a group, equities research analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio is currently 47.67%.

KeyCorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

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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