Northwestern Mutual Wealth Management Co. Takes $2.12 Million Position in KeyCorp $KEY

Key Points

• Northwestern Mutual Wealth Management acquired 92,179 KeyCorp shares worth approximately $2.12 million in the second quarter. Institutional investors collectively own 79.69% of KeyCorp, with BlackRock and Wellington Management among the largest recent buyers.
• Analysts maintain a generally positive view of KeyCorp, with a consensus rating of “Moderate Buy” and an average price target of $49.14. The company also exceeded quarterly earnings expectations, reporting $0.44 in EPS versus a $0.42 consensus estimate.
• KeyCorp announced a quarterly dividend of $0.205 per share, representing a 3.7% annualized yield, and authorized a $3 billion share-repurchase program covering up to 13% of its outstanding shares.

Northwestern Mutual Wealth Management Co. bought a new position in KeyCorp (NYSE:KEY - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 92,179 shares of the financial services provider's stock, valued at approximately $2,125,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in KeyCorp in the second quarter worth about $2,039,113,000. Wellington Management Group LLP grew its stake in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of KeyCorp in the 2nd quarter worth approximately $380,244,000. Norges Bank bought a new position in KeyCorp during the 4th quarter valued at approximately $262,688,000. Finally, North Reef Capital Management LP purchased a new position in KeyCorp during the first quarter valued at $253,632,000. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. TD Cowen reissued a "buy" rating and issued a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. UBS Group increased their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. raised their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the company a "neutral" rating in a research note on Monday, July 6th. Truist Financial lifted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a report on Wednesday, June 24th. Finally, Robert W. Baird upped their target price on shares of KeyCorp from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $49.14.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $21.87 on Tuesday. The company has a market cap of $23.34 billion, a P/E ratio of 12.72, a PEG ratio of 0.72 and a beta of 1.03. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The stock's fifty day moving average price is $22.90 and its 200-day moving average price is $21.79.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp's revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the company earned $0.35 EPS. Sell-side analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.205 dividend. 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 47.67%.

KeyCorp declared that its board has initiated a share buyback program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

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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