CM Wealth Advisors LLC Buys Shares of 31,324 KeyCorp $KEY

CM Wealth Advisors LLC purchased a new stake in KeyCorp (NYSE:KEY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 31,324 shares of the financial services provider’s stock, valued at approximately $722,000.

Several other hedge funds have also recently modified their holdings of the business. MCF Advisors LLC boosted its stake in shares of KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 456 shares in the last quarter. Harbour Investments Inc. raised its stake in 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 in the last quarter. EverSource Wealth Advisors LLC lifted its holdings 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 worth $206,000 after buying an additional 522 shares during the period. J.W. Cole Advisors Inc. lifted its holdings 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 worth $311,000 after buying an additional 547 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV lifted 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 worth $650,000 after buying an additional 556 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 3.1%

Shares of KEY stock opened at $22.07 on Thursday. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07. The stock’s fifty day moving average price is $22.93 and its 200 day moving average price is $21.79. 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 company has a market cap of $23.56 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 0.75 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.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 earned $0.35 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis. On average, research analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has initiated a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 dividend on an annualized basis and a yield of 3.7%. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Royal Bank Of Canada lifted their price target on KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Robert W. Baird raised their price objective on KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Morgan Stanley lifted their target price on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Susquehanna boosted their target price on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. Finally, Stephens assumed coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price for the company. One research 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $49.14.

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.