Focus Partners Advisor Solutions LLC Buys New Shares in KeyCorp $KEY

Focus Partners Advisor Solutions LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 37,378 shares of the financial services provider’s stock, valued at approximately $862,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KEY. DV Equities LLC bought a new position in shares of KeyCorp in the 4th quarter valued at about $27,000. Smithfield Trust Co acquired a new stake in KeyCorp in the 4th quarter valued at about $31,000. Kelleher Financial Advisors bought a new position in KeyCorp during the third quarter worth about $32,000. MCF Advisors LLC increased its position in KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after buying an additional 456 shares during the last quarter. Finally, MV Capital Management Inc. acquired a new position in KeyCorp during the fourth quarter worth approximately $42,000. 79.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

KEY has been the subject of a number of recent analyst reports. Susquehanna raised their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. Robert W. Baird raised their price target on KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Argus upgraded shares of KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. Truist Financial increased their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada lifted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Stock Performance

KEY opened at $23.06 on Tuesday. 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 business has a fifty day simple moving average of $22.92 and a 200 day simple moving average of $21.77. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The company has a market capitalization of $24.61 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data 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 firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the business earned $0.35 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. Research analysts expect that KeyCorp will post 1.83 EPS for the current year.

KeyCorp declared that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

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 given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

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.