Tocqueville Asset Management L.P. Buys New Shares in KeyCorp $KEY

Tocqueville Asset Management L.P. purchased a new stake in KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 96,159 shares of the financial services provider’s stock, valued at approximately $2,216,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. MCF Advisors LLC grew its holdings in shares of KeyCorp by 31.6% in 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. raised its holdings in KeyCorp by 19.0% during the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in KeyCorp by 5.4% during the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 522 shares during the last quarter. J.W. Cole Advisors Inc. boosted its position in 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 last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV grew its stake in KeyCorp by 1.7% in 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 in the last quarter. 79.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Argus upgraded KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. UBS Group raised their target price 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. Wells Fargo & Company boosted their target price on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. JPMorgan Chase & Co. upped their price target on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of KeyCorp in a research note on Friday, August 7th. One investment 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 company’s stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Price Performance

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 stock’s 50 day moving average price is $22.92 and its two-hundred day moving average price is $21.79. The firm has a market capitalization of $23.35 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 0.72 and a beta of 1.03. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.97 billion. During the same period last year, the firm posted $0.35 earnings per share. The business’s revenue was up 6.7% on a year-over-year basis. On average, analysts anticipate that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp declared that its board has approved a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding 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 an indication that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued 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 (DPR) is currently 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.