Landscape Capital Management L.L.C. Acquires New Holdings in KeyCorp $KEY

Landscape Capital Management L.L.C. purchased a new position in KeyCorp (NYSE:KEY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 36,234 shares of the financial services provider’s stock, valued at approximately $835,000.

Several other large investors also recently modified their holdings of KEY. MCF Advisors LLC lifted its stake in shares of KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 456 shares during the period. Harbour Investments Inc. boosted its holdings in shares of KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after buying an additional 508 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in KeyCorp by 5.4% during the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after buying an additional 522 shares during the period. J.W. Cole Advisors Inc. grew its position in KeyCorp by 3.8% during the fourth quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider’s stock valued at $311,000 after buying an additional 547 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV increased its holdings in KeyCorp by 1.7% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,493 shares of the financial services provider’s stock valued at $650,000 after buying an additional 556 shares during the last quarter. Institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on KEY shares. UBS Group increased their price target on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research report on Monday, July 6th. Wells Fargo & Company upped their price objective on KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Royal Bank Of Canada raised their target price on KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Finally, DA Davidson reiterated a “buy” rating and set a $28.00 target price on shares of KeyCorp in a research report on Wednesday, July 22nd. One 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $21.89 on Monday. 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 has a 1-year low of $16.47 and a 1-year high of $24.07. The company has a market capitalization of $23.36 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.72 and a beta of 1.03. The firm’s 50 day simple moving average is $22.91 and its two-hundred day simple moving average is $21.79.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share. Research analysts expect that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its board has approved a share buyback plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Announces Dividend

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

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.