Manning & Napier Advisors LLC Makes New $2.98 Million Investment in KeyCorp $KEY

Manning & Napier Advisors LLC purchased a new stake in KeyCorp (NYSE:KEY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 128,952 shares of the financial services provider’s stock, valued at approximately $2,985,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of KEY. N.E.W. Advisory Services LLC bought a new stake in shares of KeyCorp during the second quarter worth about $30,000. Silvant Capital Management LLC acquired a new position in shares of KeyCorp in the second quarter valued at approximately $30,000. DV Equities LLC bought a new position in KeyCorp in the 4th quarter valued at approximately $27,000. Keating Financial Advisory Services Inc. bought a new position in KeyCorp in the 2nd quarter valued at approximately $31,000. Finally, Smithfield Trust Co bought a new position in KeyCorp in the 4th quarter valued at approximately $31,000. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Argus raised shares of KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. UBS Group raised their price target on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Wells Fargo & Company lifted their price target on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Truist Financial upped their price target on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of KeyCorp in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Trading Up 0.1%

Shares of KEY stock opened at $21.90 on Wednesday. The company has a market capitalization of $23.37 billion, a price-to-earnings 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. The company has a 50-day simple moving average of $22.88 and a two-hundred day simple moving average of $21.78. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07.

KeyCorp (NYSE:KEY) last posted 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. 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 quarter last year, the company posted $0.35 earnings per share. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. Research analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Dividend Announcement

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

KeyCorp announced that its board has authorized a share buyback program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.