Man Group plc Makes New $26.75 Million Investment in KeyCorp $KEY

Man Group plc acquired a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, Holdings Channel reports. The fund acquired 1,160,396 shares of the financial services provider’s stock, valued at approximately $26,747,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in KEY. Bank of Nova Scotia boosted its stake in KeyCorp by 0.6% in the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock worth $3,268,076,000 after buying an additional 900,951 shares during the last quarter. Vanguard Group Inc. grew its holdings in KeyCorp by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock valued at $2,576,110,000 after buying an additional 1,192,323 shares during the period. BlackRock Inc. acquired a new position in shares of KeyCorp during the 2nd quarter valued at about $2,039,113,000. Wellington Management Group LLP increased its stake in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of KeyCorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after acquiring an additional 115,968 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

KeyCorp stock opened at $22.10 on Thursday. The company has a market cap of $23.58 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The stock’s 50-day moving average is $22.87 and its 200-day moving average is $21.78.

KeyCorp (NYSE:KEY) last issued its earnings results 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 business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS. Equities analysts anticipate that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Announces Dividend

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

KeyCorp declared that its Board of Directors has approved a share buyback 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 reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently issued reports on KEY. Truist Financial raised their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. Robert W. Baird upped their price target on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Morgan Stanley increased their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. UBS Group lifted their price target on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Finally, Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

KeyCorp Company 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.