Envestnet Portfolio Solutions Inc. Invests $12 Million in KeyCorp $KEY

Key Points

• Envestnet Portfolio Solutions acquired 520,425 KeyCorp shares worth approximately $12 million during the second quarter. Institutional investors collectively own about 79.7% of KeyCorp’s outstanding stock.
• Analysts maintain a generally positive outlook, with KeyCorp receiving a consensus “Moderate Buy” rating; the average price target is $49.08.
• KeyCorp exceeded quarterly earnings expectations with adjusted EPS of $0.44 versus $0.42 expected, while revenue rose 6.7% year over year. The company also pays a quarterly dividend of $0.205 per share, representing a 4.1% yield.

Envestnet Portfolio Solutions Inc. bought a new stake in shares of KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 520,425 shares of the financial services provider's stock, valued at approximately $11,996,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Bank of Nova Scotia purchased a new stake in shares of KeyCorp in the second quarter valued at approximately $3,636,436,000. BlackRock Inc. purchased a new position in shares of KeyCorp during the 2nd quarter valued at approximately $2,039,113,000. Deutsche Bank AG purchased a new position in shares of KeyCorp during the 2nd quarter valued at approximately $380,244,000. Norges Bank acquired a new stake in KeyCorp in the 4th quarter valued at $262,688,000. Finally, North Reef Capital Management LP acquired a new stake in KeyCorp in the 1st quarter valued at $253,632,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on KEY shares. Morgan Stanley upped 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. Argus raised shares of KeyCorp to a "strong-buy" rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. upped their price target on shares of KeyCorp from $22.50 to $24.50 and gave the stock a "neutral" rating in a research report on Monday, July 6th. Royal Bank Of Canada raised their price target 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, Weiss Ratings reiterated a "buy (b)" rating on shares of KeyCorp in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $49.08.

KeyCorp Trading Down 1.2%

Shares of KeyCorp stock opened at $20.23 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The stock's 50 day simple moving average is $22.22 and its 200-day simple moving average is $21.76. The stock has a market cap of $21.58 billion, a P/E ratio of 11.76, a P/E/G ratio of 0.77 and a beta of 1.02. KeyCorp has a 1-year low of $16.47 and a 1-year 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, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business's revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. Analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 4.1%. KeyCorp's payout ratio is presently 47.67%.

KeyCorp Company Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.