Janus Henderson Group PLC Grows Stock Position in KeyCorp $KEY

Janus Henderson Group PLC lifted its holdings in shares of KeyCorp (NYSE:KEY) by 45.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 103,215 shares of the financial services provider’s stock after acquiring an additional 32,150 shares during the period. Janus Henderson Group PLC’s holdings in KeyCorp were worth $2,070,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. M&T Bank Corp raised its stake in shares of KeyCorp by 5,317.0% in the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock worth $27,875,000 after purchasing an additional 1,325,588 shares during the last quarter. Bank of New York Mellon Corp boosted its position in KeyCorp by 14.8% in the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock valued at $115,638,000 after buying an additional 721,421 shares during the last quarter. Jefferies Financial Group Inc. increased its holdings in KeyCorp by 62.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider’s stock worth $4,552,000 after buying an additional 84,497 shares during the period. Mattson Financial Services LLC increased its holdings in KeyCorp by 298.1% in the 4th quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider’s stock worth $1,564,000 after buying an additional 56,736 shares during the period. Finally, Concurrent Investment Advisors LLC purchased a new position in KeyCorp during the 4th quarter worth approximately $3,826,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on KEY. UBS Group upped their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. TD Cowen reissued a “buy” rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Evercore restated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. DA Davidson reaffirmed a “buy” rating and issued a $28.00 price target on shares of KeyCorp in a report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods increased their price target on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. One 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $22.72 on Friday. The company has a market capitalization of $24.25 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 0.74 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’s fifty day moving average price is $22.73 and its 200 day moving average price is $21.70. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating 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 company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the previous year, the company earned $0.35 earnings per share. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, research analysts predict that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 3.6%. KeyCorp’s dividend payout ratio is presently 47.67%.

KeyCorp announced that its Board of Directors has approved a stock repurchase 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 repurchase up to 13% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are 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.