Nykredit A S Invests $4.17 Million in KeyCorp $KEY

Key Points

• Nykredit A/S acquired 181,064 KeyCorp shares during the second quarter, valued at approximately $4.17 million. Institutional investors and hedge funds collectively own 79.69% of KEY.
• KeyCorp reported quarterly EPS of $0.44, exceeding estimates by $0.02, while revenue rose 6.7% year over year to $1.96 billion. The company also authorized a $3 billion share-repurchase program covering up to 13% of outstanding shares.
• KeyCorp declared a quarterly dividend of $0.205 per share, equivalent to an annualized yield of about 3.7%. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $49.14.

Nykredit A S bought a new stake in shares of KeyCorp (NYSE:KEY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 181,064 shares of the financial services provider's stock, valued at approximately $4,174,000.

A number of other hedge funds have also modified their holdings of KEY. MCF Advisors LLC increased its position in KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider's stock worth $39,000 after purchasing an additional 456 shares during the last quarter. Harbour Investments Inc. lifted its stake in shares of KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider's stock worth $66,000 after buying an additional 508 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in KeyCorp by 5.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider's stock worth $206,000 after acquiring an additional 522 shares during the last quarter. J.W. Cole Advisors Inc. boosted its stake in KeyCorp by 3.8% during the 4th quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider's stock valued at $311,000 after purchasing an additional 547 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV boosted its position in shares of KeyCorp by 1.7% in the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,493 shares of the financial services provider's stock valued at $650,000 after acquiring an additional 556 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Trading Up 0.1%

Shares of KEY stock opened at $22.20 on Monday. The stock has a market cap of $23.69 billion, a P/E ratio of 12.91, a price-to-earnings-growth ratio of 0.84 and a beta of 1.02. 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 has a 1 year low of $16.47 and a 1 year high of $24.07. The stock has a 50 day simple moving average of $22.71 and a 200 day simple moving average of $21.75.

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, 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 company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. KeyCorp's revenue was up 6.7% on a year-over-year basis. On average, research analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has authorized a share buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid 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 dividend payout ratio (DPR) is currently 47.67%.

Analysts Set New Price Targets

KEY has been the subject of several research reports. Stephens initiated coverage on shares of KeyCorp in a research note on Monday, June 15th. They issued an "overweight" rating and a $26.00 target price for the company. Keefe, Bruyette & Woods upped their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Wednesday, July 22nd. DA Davidson reaffirmed a "buy" rating and issued a $28.00 price target on shares of KeyCorp in a report on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of KeyCorp in a research report on Friday, August 7th. Finally, Susquehanna increased their price target on KeyCorp from $300.00 to $415.00 and gave the company a "positive" rating in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, KeyCorp currently has an average rating of "Moderate Buy" and an average price target 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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