OMERS ADMINISTRATION Corp Takes Position in KeyCorp $KEY

Key Points

• OMERS Administration Corp. acquired 54,771 KeyCorp shares worth approximately $1.26 million during the second quarter. Institutional investors collectively own 79.69% of the bank’s outstanding stock.
• KeyCorp beat quarterly earnings expectations, reporting $0.44 in EPS versus the $0.42 consensus estimate, while revenue rose 6.7% year over year to $1.96 billion.
• KeyCorp declared 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 shares.

OMERS ADMINISTRATION Corp acquired a new position in KeyCorp (NYSE:KEY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 54,771 shares of the financial services provider's stock, valued at approximately $1,262,000.

Other hedge funds have also made changes to their positions in the company. N.E.W. Advisory Services LLC acquired a new position in shares of KeyCorp during the 2nd quarter valued at $30,000. Silvant Capital Management LLC acquired a new position in shares of KeyCorp during the second quarter worth about $30,000. DV Equities LLC acquired a new position in shares of KeyCorp during the fourth quarter worth about $27,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of KeyCorp in the second quarter worth about $31,000. Finally, Smithfield Trust Co purchased a new stake in shares of KeyCorp in the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Stock Up 1.0%

KEY stock opened at $22.10 on Thursday. 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 firm has a 50 day simple moving average of $22.87 and a 200-day simple moving average of $21.78. The company has a market capitalization of $23.58 billion, a P/E ratio of 12.85, a PEG ratio of 0.72 and a beta of 1.03. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (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 firm had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the prior year, the company posted $0.35 earnings per share. The firm's quarterly revenue was up 6.7% on a year-over-year basis. On average, equities 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 paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, September 1st. KeyCorp's dividend payout ratio is 47.67%.

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

Analysts Set New Price Targets

KEY has been the topic of several analyst reports. Argus upgraded KeyCorp to a "strong-buy" rating in a report on Wednesday, July 29th. UBS Group lifted their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Truist Financial boosted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a research report on Wednesday, June 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of KeyCorp in a report on Friday, August 7th. Finally, Wall Street Zen downgraded shares of KeyCorp from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. One investment 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $49.14.

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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