Jupiter Topco LLC Purchases New Holdings in KeyCorp $KEY

Jupiter Topco LLC acquired a new stake in shares of KeyCorp (NYSE:KEY) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 103,215 shares of the financial services provider’s stock, valued at approximately $2,381,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of KEY. Ancora Advisors LLC acquired a new position in shares of KeyCorp in the 2nd quarter valued at approximately $1,598,000. Primecap Management Co. CA acquired a new stake in shares of KeyCorp during the second quarter worth approximately $39,172,000. Canada Pension Plan Investment Board bought a new stake in shares of KeyCorp in the second quarter worth $10,718,000. Legal & General Group Plc bought a new stake in shares of KeyCorp in the second quarter worth $142,169,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in KeyCorp in the second quarter valued at $28,709,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on KEY. Argus raised shares of KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. Truist Financial lifted their price target on KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, June 24th. Morgan Stanley boosted their price objective on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. upped their price objective on KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada increased 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. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

KeyCorp Price Performance

Shares of NYSE KEY opened at $21.81 on Thursday. 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 firm has a market capitalization of $23.28 billion, a PE ratio of 12.68, a P/E/G ratio of 0.80 and a beta of 1.02. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07. The business’s fifty day moving average price is $22.76 and its two-hundred day moving average price is $21.74.

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

KeyCorp Dividend Announcement

The company 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 dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.

KeyCorp announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.