96,159 Shares in KeyCorp $KEY Purchased by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. purchased a new stake in KeyCorp (NYSE:KEY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 96,159 shares of the financial services provider’s stock, valued at approximately $2,216,000.

Several other large investors have also recently bought and sold shares of KEY. Brighton Jones LLC bought a new stake in shares of KeyCorp during the fourth quarter worth approximately $476,000. Woodline Partners LP lifted its holdings in KeyCorp by 41.4% during 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 last quarter. 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 valued at $90,000 after purchasing an additional 1,890 shares during the period. Cresset Asset Management LLC grew its holdings in KeyCorp by 6.5% in the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after buying an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in KeyCorp during the 2nd quarter worth $186,000. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Down 1.0%

Shares of NYSE KEY opened at $21.88 on Friday. The stock has a market capitalization of $23.35 billion, a P/E ratio of 12.72, a PEG ratio of 0.72 and a beta of 1.03. The stock’s fifty day moving average is $22.92 and its 200 day moving average is $21.79. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. 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 (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. The business 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 was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.205 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. KeyCorp’s payout ratio is presently 47.67%.

KeyCorp announced that its board has initiated a stock buyback program on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire 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.

Wall Street Analyst Weigh In

Several equities analysts recently commented on KEY shares. Susquehanna upped their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Argus upgraded shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Robert W. Baird raised their target price on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Truist Financial boosted their price target on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, June 24th. Finally, Stephens started coverage on KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, KeyCorp 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.