Invst LLC Makes New Investment in KeyCorp $KEY

Invst LLC bought a new stake in KeyCorp (NYSE:KEY) in the second quarter, HoldingsChannel reports. The institutional investor bought 36,581 shares of the financial services provider’s stock, valued at approximately $843,000.

Other institutional investors also recently made changes to their positions in the company. DV Equities LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at about $27,000. N.E.W. Advisory Services LLC acquired a new position in KeyCorp during the second quarter worth about $30,000. Silvant Capital Management LLC acquired a new position in KeyCorp during the second quarter worth about $30,000. Smithfield Trust Co purchased a new position in KeyCorp in the fourth quarter valued at about $31,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in KeyCorp in the second quarter valued at about $31,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Price Performance

KEY stock opened at $21.90 on Wednesday. The stock’s 50 day moving average price is $22.88 and its 200 day moving average price is $21.78. The firm has a market cap of $23.37 billion, a P/E ratio of 12.73, a PEG ratio of 0.72 and a beta of 1.03. 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 has a 1 year low of $16.47 and a 1 year high of $24.07.

KeyCorp (NYSE:KEY) last released 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 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 the consensus estimate of $1.97 billion. During the same quarter last year, the business posted $0.35 earnings per share. KeyCorp’s revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

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

KeyCorp announced that its Board of Directors has approved a share repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on KEY. Robert W. Baird lifted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Susquehanna raised their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Stephens initiated coverage on KeyCorp in a research note on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective for the company. Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, UBS Group boosted their target price on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

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.