OneAscent Financial Services LLC Buys New Position in KeyCorp $KEY

OneAscent Financial Services LLC purchased a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 29,668 shares of the financial services provider’s stock, valued at approximately $684,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KEY. Allworth Financial LP acquired a new stake in KeyCorp in the second quarter valued at approximately $241,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of KeyCorp during the second quarter worth $2,991,000. Silvant Capital Management LLC acquired a new position in shares of KeyCorp during the second quarter worth $30,000. Ceredex Value Advisors LLC purchased a new position in shares of KeyCorp in the second quarter valued at $26,305,000. Finally, D L Carlson Investment Group Inc. purchased a new position in shares of KeyCorp in the second quarter valued at $3,607,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on KEY. Keefe, Bruyette & Woods raised their price target on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Royal Bank Of Canada upped their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Truist Financial raised 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. DA Davidson reaffirmed a “buy” rating and set a $28.00 target price on shares of KeyCorp in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their target price on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Trading Down 1.0%

NYSE:KEY opened at $21.88 on Friday. 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 is $22.92 and its two-hundred day moving average is $21.79. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The company has a market cap of $23.35 billion, a PE ratio of 12.72, a P/E/G ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.97 billion. During the same quarter last year, the firm earned $0.35 EPS. The business’s revenue was up 6.7% on a year-over-year basis. On average, analysts predict that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.205 dividend. 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 payout ratio is currently 47.67%.

KeyCorp announced that its Board of Directors has authorized a share buyback program 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 repurchase up to 13% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.