SVB Wealth LLC Invests $2.16 Million in KeyCorp $KEY

SVB Wealth LLC purchased a new stake in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 93,814 shares of the financial services provider’s stock, valued at approximately $2,162,000.

Other hedge funds have also recently modified their holdings of the company. DV Equities LLC acquired a new stake in KeyCorp during the fourth quarter worth about $27,000. N.E.W. Advisory Services LLC acquired a new position in KeyCorp in the 2nd quarter valued at about $30,000. Silvant Capital Management LLC acquired a new position in KeyCorp in the 2nd quarter valued at about $30,000. Smithfield Trust Co purchased a new stake in shares of KeyCorp in the 4th quarter valued at approximately $31,000. Finally, Keating Financial Advisory Services Inc. purchased a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Price Performance

KeyCorp stock opened at $21.73 on Thursday. The company’s 50 day simple moving average is $22.64 and its 200-day simple moving average is $21.75. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The company has a market capitalization of $23.19 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 0.82 and a beta of 1.02.

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 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 firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the company posted $0.35 EPS. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, equities research analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp announced that its board has initiated a stock buyback plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders 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 dividend yield of 3.8%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on KEY shares. JPMorgan Chase & Co. lifted their price target on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research report on Monday, July 6th. Stephens initiated coverage on KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective for the company. TD Cowen reissued a “buy” rating and set a $68.00 target price on shares of KeyCorp in a research note on Tuesday, June 23rd. Argus raised KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. Finally, UBS Group upped their price target on KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank’s consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.