Corient Private Wealth LP Invests $13.12 Million in KeyCorp $KEY

Key Points

• Corient Private Wealth LP bought 637,367 KeyCorp shares worth approximately $13.12 million during the second quarter, representing about 0.06% of the company. Institutional investors collectively own 79.69% of KeyCorp.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $49.14, although individual targets vary significantly.
• KeyCorp reported quarterly earnings of $0.44 per share, exceeding estimates, and announced a $0.205 quarterly dividend. The bank also authorized a $3 billion share-repurchase program covering up to 13% of its outstanding shares.

Corient Private Wealth LP bought a new position in shares of KeyCorp (NYSE:KEY - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 637,367 shares of the financial services provider's stock, valued at approximately $13,118,000. Corient Private Wealth LP owned about 0.06% of KeyCorp as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of Nova Scotia grew its holdings in KeyCorp by 0.6% during the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider's stock worth $3,268,076,000 after acquiring an additional 900,951 shares during the period. BlackRock Inc. acquired a new position in shares of KeyCorp in the 2nd quarter valued at about $2,039,113,000. Wellington Management Group LLP lifted its stake in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock valued at $679,768,000 after purchasing an additional 17,245,128 shares during the period. Geode Capital Management LLC boosted its position in shares of KeyCorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock valued at $493,048,000 after purchasing an additional 115,968 shares in the last quarter. Finally, Capital World Investors boosted its position in shares of KeyCorp by 1.1% during the 4th quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider's stock valued at $434,007,000 after purchasing an additional 238,514 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Analysts Set New Price Targets

KEY has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their target price on KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Wednesday, July 22nd. Susquehanna increased their price target on KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a report on Monday, May 18th. Morgan Stanley raised their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Royal Bank Of Canada lifted their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Finally, DA Davidson reiterated a "buy" rating and issued a $28.00 price objective on shares of KeyCorp in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, KeyCorp currently has a consensus rating of "Moderate Buy" and an average target price of $49.14.

KeyCorp Stock Performance

Shares of KEY opened at $21.91 on Friday. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The company has a market cap of $23.38 billion, a PE ratio of 12.74, a P/E/G ratio of 0.72 and a beta of 1.03. The stock has a 50-day moving average of $22.85 and a 200-day moving average of $21.77. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The firm's revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 EPS. On average, equities research analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. 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 dividend payout ratio is presently 47.67%.

KeyCorp announced that its board has initiated a stock repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

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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