Corient Private Wealth LP Increases Stock Position in KeyCorp $KEY

Corient Private Wealth LP raised its stake in shares of KeyCorp (NYSE:KEY) by 4.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 597,182 shares of the financial services provider’s stock after purchasing an additional 23,827 shares during the quarter. Corient Private Wealth LP owned 0.06% of KeyCorp worth $13,765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of America Corp DE increased its holdings in shares of KeyCorp by 3.9% in the 2nd quarter. Bank of America Corp DE now owns 5,891,485 shares of the financial services provider’s stock worth $135,799,000 after buying an additional 221,234 shares during the last quarter. Caisse de depot et placement du Quebec bought a new stake in shares of KeyCorp during the 2nd quarter worth $399,000. Man Group plc purchased a new position in KeyCorp in the second quarter worth $26,747,000. Invst LLC purchased a new position in KeyCorp in the second quarter worth $843,000. Finally, Polar Asset Management Partners Inc. bought a new position in KeyCorp in the second quarter valued at $11,913,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on KEY. Morgan Stanley raised their price target on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Argus upgraded KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Truist Financial increased their price objective on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Susquehanna raised their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Finally, Robert W. Baird boosted their target price on KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research 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 given a Hold rating to the company. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

KeyCorp Price Performance

KEY stock opened at $21.91 on Friday. The firm has a market cap of $23.38 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.72 and a beta of 1.03. The firm’s fifty day moving average is $22.85 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 debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the firm posted $0.35 earnings per share. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. Research analysts predict that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid 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 47.67%.

KeyCorp announced that its board has authorized a share repurchase 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is 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.