The Manufacturers Life Insurance Company Takes $28.71 Million Position in KeyCorp $KEY

The Manufacturers Life Insurance Company bought a new stake in shares of KeyCorp (NYSE:KEY) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 1,245,525 shares of the financial services provider’s stock, valued at approximately $28,709,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KEY. N.E.W. Advisory Services LLC bought a new stake in KeyCorp in the second quarter valued at $30,000. Silvant Capital Management LLC bought a new position in KeyCorp in the 2nd quarter worth $30,000. DV Equities LLC bought a new position in KeyCorp in the 4th quarter worth $27,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of KeyCorp in the 2nd quarter worth about $31,000. Finally, Smithfield Trust Co bought a new stake in shares of KeyCorp during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on KEY shares. Truist Financial boosted their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. DA Davidson reaffirmed a “buy” rating and set a $28.00 price objective on shares of KeyCorp in a research report on Wednesday, July 22nd. TD Cowen reiterated a “buy” rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Argus raised KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Wells Fargo & Company raised their target price on KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. One 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Trading Down 0.3%

Shares of NYSE KEY opened at $22.02 on Friday. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The stock has a market cap of $23.49 billion, a P/E ratio of 12.80, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The firm has a 50-day moving average of $22.86 and a 200 day moving average of $21.77. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping 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 business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the company earned $0.35 earnings per share. The business’s revenue was up 6.7% compared to the same quarter last year. As a group, sell-side analysts expect that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s payout ratio is currently 47.67%.

KeyCorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

KeyCorp Company 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.