NewEdge Advisors LLC Lowers Stock Position in KeyCorp $KEY

NewEdge Advisors LLC decreased its holdings in shares of KeyCorp (NYSE:KEY) by 32.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 71,615 shares of the financial services provider’s stock after selling 34,822 shares during the period. NewEdge Advisors LLC’s holdings in KeyCorp were worth $1,436,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. DV Equities LLC purchased a new stake in shares of KeyCorp in the fourth quarter valued at approximately $27,000. Smithfield Trust Co acquired a new position in KeyCorp during the fourth quarter worth $31,000. Kelleher Financial Advisors purchased a new position in KeyCorp in the third quarter worth $32,000. MCF Advisors LLC lifted its holdings in KeyCorp by 31.6% in the fourth 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 during the period. Finally, Western Wealth Management LLC acquired a new stake in KeyCorp in the first quarter valued at $40,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on KEY shares. Susquehanna boosted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research report on Monday, May 18th. Stephens started coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target for the company. Weiss Ratings reissued a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. JPMorgan Chase & Co. upped their target price 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, Argus raised shares of KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Down 0.0%

KeyCorp stock opened at $23.30 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a market capitalization of $24.87 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The stock’s fifty day moving average is $22.89 and its two-hundred day moving average is $21.76.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.35 EPS. Analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan 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 buy up to 13% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently announced 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. This represents a $0.82 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is 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.