Osmosis Investment Management UK Ltd Makes New $982,000 Investment in KeyCorp $KEY

Osmosis Investment Management UK Ltd purchased a new stake in KeyCorp (NYSE:KEY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 42,611 shares of the financial services provider’s stock, valued at approximately $982,000.

Several other hedge funds have also made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in shares of KeyCorp during the 2nd quarter valued at approximately $3,636,436,000. BlackRock Inc. purchased a new position in KeyCorp in the second quarter worth approximately $2,039,113,000. Wellington Management Group LLP grew its position in KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the period. Deutsche Bank AG acquired a new stake in KeyCorp during the second quarter worth $380,244,000. Finally, Norges Bank acquired a new stake in KeyCorp during the fourth quarter worth $262,688,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $21.87 on Tuesday. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $22.90 and a 200-day simple moving average of $21.79. The stock has a market capitalization of $23.34 billion, a PE ratio of 12.72, a PEG ratio of 0.72 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 (EPS) for the quarter, beating 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 the consensus estimate of $1.97 billion. During the same quarter in the previous year, the business earned $0.35 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. On average, equities analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

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

KeyCorp Announces Dividend

The firm also recently declared 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. 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 is 47.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Royal Bank Of Canada lifted their target price on KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Morgan Stanley raised their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. TD Cowen restated a “buy” rating and issued a $68.00 price objective on shares of KeyCorp in a report on Tuesday, June 23rd. Stephens started coverage on shares of KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price on the stock. Finally, UBS Group upped their target price on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.14.

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.