224,825 Shares in KeyCorp $KEY Acquired by Cibc World Market Inc.

Cibc World Market Inc. 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 Securities and Exchange Commission. The fund purchased 224,825 shares of the financial services provider’s stock, valued at approximately $5,182,000.

Several other institutional investors and hedge funds have also modified their holdings of KEY. Brighton Jones LLC acquired a new stake in shares of KeyCorp during the fourth quarter worth $476,000. Woodline Partners LP boosted its stake in KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after purchasing an additional 24,627 shares during the period. EverSource Wealth Advisors LLC boosted its stake in KeyCorp by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 1,890 shares during the period. Cresset Asset Management LLC increased its holdings in KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in KeyCorp during the 2nd quarter worth about $186,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. TD Cowen reissued a “buy” rating and issued a $68.00 target price on shares of KeyCorp in a research report on Tuesday, June 23rd. Keefe, Bruyette & Woods raised their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. UBS Group increased their target price on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Royal Bank Of Canada raised their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. One equities 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Up 0.1%

Shares of KEY opened at $21.90 on Wednesday. The firm has a market cap of $23.37 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. 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 52 week low of $16.47 and a 52 week high of $24.07. The firm’s 50-day simple moving average is $22.88 and its 200 day simple moving average is $21.78.

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. On average, analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date of this dividend 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%.

KeyCorp declared that its board has initiated a share repurchase 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 repurchase up to 13% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.