Deutsche Bank AG Takes $380.24 Million Position in KeyCorp $KEY

Key Points

• Deutsche Bank acquired approximately 16.5 million KeyCorp shares worth $380.2 million, giving it a 1.55% stake. Institutional investors collectively own 79.69% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy”. KeyCorp recently beat quarterly EPS expectations, reporting $0.44 versus the $0.42 estimate, while revenue rose 6.7% year over year.
• KeyCorp announced a quarterly dividend of $0.205 per share, representing a 3.6% annualized yield, and authorized a $3 billion share repurchase program covering up to 13% of outstanding shares.

Deutsche Bank AG purchased a new position in KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,496,467 shares of the financial services provider's stock, valued at approximately $380,244,000. Deutsche Bank AG owned approximately 1.55% of KeyCorp at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of KEY. Bank of Nova Scotia increased 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. Vanguard Group Inc. boosted its holdings in KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider's stock valued at $2,576,110,000 after purchasing an additional 1,192,323 shares during the period. Wellington Management Group LLP grew its position in shares of KeyCorp by 90.2% during 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 in the last quarter. Geode Capital Management LLC grew 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 increased its holdings in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider's stock worth $434,007,000 after purchasing an additional 238,514 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on KEY shares. Wells Fargo & Company lifted their price objective on KeyCorp from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Evercore reiterated an "outperform" rating on shares of KeyCorp in a research report on Tuesday, April 21st. Keefe, Bruyette & Woods upped their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 22nd. Truist Financial lifted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a research report on Wednesday, June 24th. Finally, DA Davidson reissued a "buy" rating and issued a $28.00 price target 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 issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.14.

KeyCorp Trading Down 1.1%

Shares of KEY stock opened at $23.06 on Tuesday. The business has a 50-day moving average price of $22.92 and a two-hundred day moving average price of $21.77. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. 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 firm has a market cap of $24.61 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03.

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 company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 3.6%. KeyCorp's dividend payout ratio is currently 47.67%.

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