Handelsbanken Fonder AB Acquires 107,955 Shares of KeyCorp $KEY

Key Points

• Handelsbanken Fonder AB increased its KeyCorp stake by 591.9% during the second quarter, acquiring 107,955 additional shares for a total holding of 126,195 shares valued at approximately $2.9 million. Institutional investors collectively own 79.69% of KeyCorp.
• Analyst sentiment is generally positive, with MarketBeat reporting a consensus rating of “Moderate Buy”; price targets were raised by JPMorgan, Wells Fargo and Stephens, while the average target price was listed at $49.14.
• KeyCorp reported quarterly EPS of $0.44, beating estimates of $0.42, and announced a quarterly dividend of $0.205 per share. The company also authorized a $3 billion share-repurchase plan covering up to 13% of its outstanding shares.

Handelsbanken Fonder AB increased its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 591.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 126,195 shares of the financial services provider's stock after acquiring an additional 107,955 shares during the quarter. Handelsbanken Fonder AB's holdings in KeyCorp were worth $2,909,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. M&T Bank Corp raised its holdings in KeyCorp by 5,317.0% in the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider's stock valued at $27,875,000 after acquiring an additional 1,325,588 shares during the period. Jefferies Financial Group Inc. lifted its position in KeyCorp by 62.1% during the fourth quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider's stock worth $4,552,000 after acquiring an additional 84,497 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of KeyCorp by 14.8% during the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider's stock worth $115,638,000 after acquiring an additional 721,421 shares during the period. North Reef Capital Management LP bought a new stake in shares of KeyCorp during the first quarter worth approximately $253,632,000. Finally, Mattson Financial Services LLC grew its position in shares of KeyCorp by 298.1% in the fourth quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider's stock valued at $1,564,000 after purchasing an additional 56,736 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

Wall Street Analyst Weigh In

KEY has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on KeyCorp from $22.50 to $24.50 and gave the stock a "neutral" rating in a research note on Monday, July 6th. Stephens assumed coverage on KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price objective on the stock. Wells Fargo & Company upped their price objective on KeyCorp from $24.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Argus upgraded KeyCorp to a "strong-buy" rating in a research report on Wednesday, July 29th. Finally, Evercore reissued an "outperform" rating on shares of KeyCorp in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $49.14.

KeyCorp Trading Down 0.0%

Shares of KEY stock opened at $23.30 on Monday. 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 $24.87 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. The stock has a 50 day simple moving average of $22.89 and a 200 day simple moving average of $21.76. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the business posted $0.35 earnings per share. The firm's quarterly revenue was up 6.7% compared to the same quarter last year. On average, research analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal 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 issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio is 47.67%.

KeyCorp declared that its board has approved a share buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are 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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