Everence Capital Management Inc. acquired a new stake in shares of KeyCorp (NYSE:KEY) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 21,488 shares of the financial services provider’s stock, valued at approximately $429,000.
A number of other large investors also recently made changes to their positions in KEY. Principal Financial Group Inc. raised its stake in KeyCorp by 658.6% during the fourth quarter. Principal Financial Group Inc. now owns 12,578,056 shares of the financial services provider’s stock valued at $206,406,000 after buying an additional 10,919,935 shares during the last quarter. Norges Bank purchased a new position in KeyCorp during the fourth quarter valued at $175,147,000. Victory Capital Management Inc. raised its stake in KeyCorp by 79.6% during the fourth quarter. Victory Capital Management Inc. now owns 6,775,015 shares of the financial services provider’s stock valued at $111,178,000 after buying an additional 3,001,848 shares during the last quarter. Boston Partners raised its stake in KeyCorp by 11.0% during the fourth quarter. Boston Partners now owns 28,681,895 shares of the financial services provider’s stock valued at $470,670,000 after buying an additional 2,839,058 shares during the last quarter. Finally, Payden & Rygel purchased a new position in KeyCorp during the fourth quarter valued at $28,808,000. Institutional investors and hedge funds own 80.96% of the company’s stock.
A number of analysts have commented on KEY shares. Stephens lifted their target price on KeyCorp from $20.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 30th. Wedbush lifted their target price on KeyCorp from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, January 22nd. Wells Fargo & Company raised KeyCorp from an “underweight” rating to an “overweight” rating in a report on Monday, December 21st. Credit Suisse Group lifted their target price on KeyCorp from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, January 27th. Finally, Morgan Stanley lifted their price objective on KeyCorp from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 24th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. KeyCorp presently has a consensus rating of “Hold” and an average price target of $21.51.
NYSE:KEY opened at $20.84 on Tuesday. KeyCorp has a 12 month low of $9.05 and a 12 month high of $21.81. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80. The business’s 50-day moving average is $20.45 and its 200 day moving average is $16.89. The company has a market capitalization of $20.01 billion, a P/E ratio of 18.12 and a beta of 1.58.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Wednesday, January 20th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. KeyCorp had a return on equity of 7.87% and a net margin of 16.38%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the business posted $0.48 earnings per share. On average, research analysts forecast that KeyCorp will post 1.14 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 15th. Shareholders of record on Tuesday, March 2nd were given a dividend of $0.185 per share. The ex-dividend date of this dividend was Monday, March 1st. This represents a $0.74 dividend on an annualized basis and a yield of 3.55%. KeyCorp’s dividend payout ratio (DPR) is presently 41.11%.
KeyCorp declared that its board has approved a share repurchase plan on Thursday, January 21st that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
KeyCorp Company Profile
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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