SVB Wealth LLC Purchases New Shares in KeyCorp $KEY

SVB Wealth LLC acquired a new stake in KeyCorp (NYSE:KEY - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 93,814 shares of the financial services provider's stock, valued at approximately $2,162,000.

A number of other large investors have also modified their holdings of KEY. North Reef Capital Management LP purchased a new position in shares of KeyCorp during the 1st quarter valued at approximately $253,632,000. Jefferies Financial Group Inc. increased its holdings in KeyCorp by 62.1% in the 4th 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in KeyCorp by 14.8% in the 4th 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 in the last quarter. Mattson Financial Services LLC raised its position in KeyCorp by 298.1% during the fourth quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider's stock worth $1,564,000 after acquiring an additional 56,736 shares during the period. Finally, DNB Asset Management AS raised its position in KeyCorp by 182.5% during the fourth quarter. DNB Asset Management AS now owns 476,833 shares of the financial services provider's stock worth $9,842,000 after acquiring an additional 308,024 shares during the period. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of NYSE KEY opened at $21.73 on Thursday. The firm has a 50-day simple moving average of $22.64 and a 200-day simple moving average of $21.75. The stock has a market capitalization of $23.19 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 0.82 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. KeyCorp has a 52 week low of $16.47 and a 52 week 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 for the quarter, topping 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 the consensus estimate of $1.97 billion. During the same period last year, the firm posted $0.35 earnings per share. The company's revenue for the quarter was up 6.7% on a year-over-year basis. On average, equities analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp announced that its board has initiated a share repurchase 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 purchase up to 13% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders 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 yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio (DPR) is 47.67%.

Analysts Set New Price Targets

Several analysts have recently issued reports on KEY shares. Robert W. Baird lifted their target price on shares of KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. Argus upgraded shares of KeyCorp to a "strong-buy" rating in a research report on Wednesday, July 29th. DA Davidson reaffirmed a "buy" rating and issued a $28.00 price target on shares of KeyCorp in a research note on Wednesday, July 22nd. Truist Financial lifted their price objective on KeyCorp from $23.00 to $24.00 and gave the stock a "hold" rating in a report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. boosted their price objective on KeyCorp from $22.50 to $24.50 and gave the stock a "neutral" rating in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, KeyCorp has an average rating of "Moderate Buy" and an average price target of $49.14.

About KeyCorp

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank's consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.

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