29,350 Shares in KeyCorp $KEY Acquired by Evolve Private Wealth LLC

Evolve Private Wealth LLC bought a new stake in shares of KeyCorp (NYSE:KEY) in the 2nd quarter, HoldingsChannel reports. The firm bought 29,350 shares of the financial services provider’s stock, valued at approximately $677,000.

A number of other large investors have also recently added to or reduced their stakes in KEY. MCF Advisors LLC lifted its position in shares of KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 456 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of KeyCorp by 19.0% during the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of KeyCorp by 5.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 522 shares during the last quarter. J.W. Cole Advisors Inc. grew its holdings in shares of KeyCorp by 3.8% in the 4th quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider’s stock worth $311,000 after acquiring an additional 547 shares during the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of KeyCorp by 1.7% in the 1st 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 acquiring an additional 556 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $21.87 on Tuesday. The company’s fifty day moving average is $22.90 and its two-hundred day moving average is $21.79. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The company has a market cap of $23.34 billion, a P/E ratio of 12.72, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates 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 prior year, the company earned $0.35 earnings per share. Equities analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp announced that its Board of Directors has approved a share buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management 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 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.

Wall Street Analyst Weigh In

KEY has been the subject of several analyst reports. TD Cowen reaffirmed a “buy” rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Argus raised KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Wells Fargo & Company upped their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, Robert W. Baird upped their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.