D L Carlson Investment Group Inc. Takes Position in KeyCorp $KEY

Key Points

• D L Carlson Investment Group initiated a KeyCorp position by purchasing 156,479 shares valued at approximately $3.6 million. Institutional investors collectively own 79.69% of the company, with several major firms also adding or initiating stakes.
• 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. Analysts maintain a “Moderate Buy” consensus rating.
• The company announced 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.

D L Carlson Investment Group Inc. bought a new position in KeyCorp (NYSE:KEY - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 156,479 shares of the financial services provider's stock, valued at approximately $3,607,000.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. bought a new stake in KeyCorp in the second quarter worth $2,039,113,000. Wellington Management Group LLP raised its stake in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock valued at $679,768,000 after acquiring an additional 17,245,128 shares during the period. Deutsche Bank AG purchased a new stake in shares of KeyCorp in the second quarter valued at $380,244,000. Norges Bank bought a new stake in shares of KeyCorp in the 4th quarter worth about $262,688,000. Finally, North Reef Capital Management LP bought a new stake in shares of KeyCorp in the 1st quarter worth about $253,632,000. Institutional investors own 79.69% of the company's stock.

KeyCorp Trading Down 1.0%

NYSE KEY opened at $21.88 on Friday. The company's 50-day moving average price is $22.92 and its 200-day moving average price is $21.79. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a market cap of $23.35 billion, a PE ratio of 12.72, a PEG ratio of 0.72 and a beta of 1.03. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07.

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

KeyCorp Dividend Announcement

The business 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. KeyCorp's dividend payout ratio (DPR) is 47.67%.

KeyCorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

KEY has been the subject of a number of recent analyst reports. Argus raised shares of KeyCorp to a "strong-buy" rating in a research note on Wednesday, July 29th. Susquehanna raised their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a research note on Monday, May 18th. Royal Bank Of Canada boosted their target price on KeyCorp from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, July 22nd. Stephens began coverage on KeyCorp in a research note on Monday, June 15th. They set an "overweight" rating and a $26.00 target price on the stock. Finally, Keefe, Bruyette & Woods increased their price target on KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, KeyCorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.14.

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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