Wealthfront Advisers LLC Invests $9.94 Million in KeyCorp $KEY

Wealthfront Advisers LLC acquired a new position in KeyCorp (NYSE:KEY - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 431,385 shares of the financial services provider's stock, valued at approximately $9,943,000.

Several other large investors have also recently added to or reduced their stakes in the business. MCF Advisors LLC raised its stake in KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 456 shares in the last quarter. Harbour Investments Inc. grew 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 purchasing an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of KeyCorp by 5.4% in the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider's stock worth $206,000 after purchasing an additional 522 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in shares of KeyCorp by 3.8% during the fourth 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 increased its holdings in shares of KeyCorp by 1.7% during 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 purchasing an additional 556 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

NYSE:KEY opened at $22.07 on Thursday. 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 business's 50-day moving average price is $22.93 and its 200 day moving average price is $21.79. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The firm has a market cap of $23.56 billion, a P/E ratio of 12.83, a PEG ratio of 0.75 and a beta of 1.03.

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

KeyCorp Announces Dividend

The firm 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 3.7%. KeyCorp's dividend payout ratio is currently 47.67%.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on KEY. Stephens assumed coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an "overweight" rating and a $26.00 price objective for the company. Argus raised shares of KeyCorp to a "strong-buy" rating in a research note on Wednesday, July 29th. Truist Financial boosted their price target 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. Keefe, Bruyette & Woods upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Finally, Royal Bank Of Canada increased their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company 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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