Groupe la Francaise Purchases New Position in KeyCorp $KEY

Key Points

• Groupe la Française purchased 218,275 KeyCorp shares during the second quarter, valued at approximately $5.03 million. Institutional investors and hedge funds collectively own 79.69% of the company.
• KeyCorp reported quarterly earnings of $0.44 per share, exceeding estimates by $0.02, while revenue rose 6.7% year over year to $1.96 billion.
• The bank approved a $3 billion share-repurchase program covering up to 13% of outstanding shares and declared a quarterly dividend of $0.205 per share, representing a 3.7% annualized yield.

Groupe la Francaise bought a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 218,275 shares of the financial services provider's stock, valued at approximately $5,031,000.

Several other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in KeyCorp during the 4th quarter worth $476,000. Woodline Partners LP grew its stake in shares of KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after acquiring an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in KeyCorp by 58.0% during the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock worth $90,000 after acquiring an additional 1,890 shares during the period. Cresset Asset Management LLC raised its stake in KeyCorp by 6.5% in the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock worth $263,000 after purchasing an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. acquired a new stake in KeyCorp in the 2nd quarter worth about $186,000. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Trading Up 0.1%

Shares of KeyCorp stock opened at $22.20 on Tuesday. The firm's 50 day moving average is $22.69 and its 200 day moving average is $21.75. The firm has a market capitalization of $23.69 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.84 and a beta of 1.02. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. 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 (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, beating 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 business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the firm earned $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 fiscal year.

KeyCorp declared that its Board of Directors has approved a share 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 reacquire up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's payout ratio is presently 47.67%.

Analyst Ratings Changes

A number of brokerages have issued reports on KEY. Morgan Stanley raised their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. TD Cowen reissued a "buy" rating and set a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. Keefe, Bruyette & Woods raised their price objective on KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Stephens began coverage on KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price objective for the company. Finally, Truist Financial upped their target price on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.14.

About KeyCorp

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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