The Manufacturers Life Insurance Company Makes New $28.71 Million Investment in KeyCorp $KEY

The Manufacturers Life Insurance Company acquired a new position in KeyCorp (NYSE:KEY - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,245,525 shares of the financial services provider's stock, valued at approximately $28,709,000. The Manufacturers Life Insurance Company owned approximately 0.12% of KeyCorp at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. N.E.W. Advisory Services LLC bought a new position in KeyCorp during the second quarter valued at approximately $30,000. Silvant Capital Management LLC purchased a new position in shares of KeyCorp during the second quarter worth approximately $30,000. DV Equities LLC bought a new stake in shares of KeyCorp in the 4th quarter worth approximately $27,000. Keating Financial Advisory Services Inc. bought a new stake in shares of KeyCorp in the 2nd quarter worth approximately $31,000. Finally, Smithfield Trust Co purchased a new stake in shares of KeyCorp in the 4th quarter valued at $31,000. 79.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Robert W. Baird upped their price target 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of KeyCorp in a research note on Friday, August 7th. DA Davidson reiterated a "buy" rating and issued a $28.00 price objective on shares of KeyCorp in a report on Wednesday, July 22nd. Finally, Truist Financial boosted their target price on KeyCorp from $23.00 to $24.00 and gave the company a "hold" rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $49.14.

KeyCorp Stock Down 0.3%

Shares of NYSE KEY opened at $22.02 on Friday. The firm's fifty day moving average is $22.86 and its 200 day moving average is $21.77. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The company has a market cap of $23.49 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The business had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm's revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 EPS. On average, equities research analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

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

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp's dividend payout ratio is 47.67%.

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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