Corient Private Wealth LP Purchases 23,827 Shares of KeyCorp $KEY

Corient Private Wealth LP grew its position in shares of KeyCorp (NYSE:KEY) by 4.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 597,182 shares of the financial services provider’s stock after acquiring an additional 23,827 shares during the period. Corient Private Wealth LP’s holdings in KeyCorp were worth $13,765,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of KEY. Jefferies Financial Group Inc. lifted its holdings in KeyCorp by 62.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider’s stock worth $4,552,000 after buying an additional 84,497 shares during the period. North Reef Capital Management LP purchased a new position in shares of KeyCorp during the first quarter valued at approximately $253,632,000. Bank of New York Mellon Corp raised its holdings in shares of KeyCorp by 14.8% during the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock valued at $115,638,000 after acquiring an additional 721,421 shares in the last quarter. Mattson Financial Services LLC raised its holdings in shares of KeyCorp by 298.1% during the fourth quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider’s stock valued at $1,564,000 after acquiring an additional 56,736 shares in the last quarter. Finally, Swiss Life Asset Management Ltd lifted its stake in KeyCorp by 72.4% in the fourth quarter. Swiss Life Asset Management Ltd now owns 2,287,205 shares of the financial services provider’s stock worth $47,208,000 after acquiring an additional 960,625 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on KEY. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Wells Fargo & Company upped their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. DA Davidson reaffirmed a “buy” rating and issued a $28.00 target price on shares of KeyCorp in a research report on Wednesday, July 22nd. Morgan Stanley lifted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Finally, Stephens assumed coverage on shares of KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 price target on the stock. 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 MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Price Performance

KEY opened at $21.91 on Friday. 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 company has a market cap of $23.38 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The stock has a fifty day simple moving average of $22.85 and a two-hundred day simple moving average of $21.77. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion for 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%. The company’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS. Research analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

KeyCorp announced that its Board of Directors has authorized a share buyback program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

About KeyCorp

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.