431,385 Shares in KeyCorp $KEY Bought by Wealthfront Advisers LLC

Wealthfront Advisers LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 431,385 shares of the financial services provider’s stock, valued at approximately $9,943,000.

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

KeyCorp Stock Down 3.1%

KeyCorp stock opened at $22.07 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07. The firm’s fifty day simple moving average is $22.93 and its 200-day simple moving average is $21.79. The company has a market capitalization of $23.56 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.75 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. KeyCorp’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. Sell-side analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

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

KeyCorp Dividend Announcement

The business 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 $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. KeyCorp’s payout ratio is currently 47.67%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. lifted their price objective on KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a research report on Monday, July 6th. Susquehanna boosted their target price on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Argus raised KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of KeyCorp in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Company 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.