KeyCorp $KEY Shares Acquired by CIBC Asset Management Inc

Key Points

• CIBC Asset Management Inc increased its stake in KeyCorp by 65.2% in the fourth quarter, buying 88,070 additional shares and bringing its total to 223,201 shares worth about $4.6 million.
• KeyCorp reported stronger-than-expected quarterly results, with earnings of $0.44 per share versus the $0.41 estimate and revenue of $1.95 billion, up 10.2% from a year earlier.
• The bank authorized a $3 billion share buyback and declared a quarterly dividend of $0.205 per share, implying an annualized yield of 3.8%.

CIBC Asset Management Inc lifted its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 65.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 223,201 shares of the financial services provider's stock after buying an additional 88,070 shares during the period. CIBC Asset Management Inc's holdings in KeyCorp were worth $4,607,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in KeyCorp by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider's stock worth $2,576,110,000 after purchasing an additional 1,192,323 shares in the last quarter. Wellington Management Group LLP raised its holdings in KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. Geode Capital Management LLC raised its holdings in KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider's stock worth $493,048,000 after purchasing an additional 115,968 shares in the last quarter. Capital World Investors raised its holdings in KeyCorp by 169.2% during the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider's stock worth $388,546,000 after purchasing an additional 13,067,326 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in KeyCorp by 2.6% during the third quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider's stock worth $295,295,000 after purchasing an additional 397,523 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Trading Up 0.6%

Shares of KeyCorp stock opened at $21.81 on Friday. KeyCorp has a 12-month low of $15.59 and a 12-month high of $23.34. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a market cap of $23.64 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.69 and a beta of 1.03. The company has a 50-day moving average of $21.30 and a two-hundred day moving average of $20.79.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.93 billion. During the same period last year, the company posted $0.38 earnings per share. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has authorized a share buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in 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 often an indication that the company's board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, June 2nd. KeyCorp's dividend payout ratio (DPR) is 50.31%.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares of the company's stock, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on KEY shares. Robert W. Baird increased their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Friday, April 17th. Susquehanna increased their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a "positive" rating in a report on Monday, May 18th. Royal Bank Of Canada increased their price target on shares of KeyCorp from $22.00 to $24.00 and gave the stock an "outperform" rating in a report on Friday, April 17th. JPMorgan Chase & Co. cut their price target on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating for the company in a report on Tuesday, April 7th. Finally, Jefferies Financial Group increased their price target on shares of KeyCorp from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, KeyCorp presently has an average rating of "Moderate Buy" and an average price target of $42.78.

KeyCorp Company 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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