OneAscent Financial Services LLC Makes New $684,000 Investment in KeyCorp $KEY

OneAscent Financial Services LLC bought a new stake in KeyCorp (NYSE:KEY) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 29,668 shares of the financial services provider’s stock, valued at approximately $684,000.

Other institutional investors also recently made changes to their positions in the company. Bank of Nova Scotia raised its position in shares of KeyCorp by 0.6% during the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock worth $3,268,076,000 after purchasing an additional 900,951 shares during the period. Vanguard Group Inc. boosted its position in KeyCorp by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock valued at $2,576,110,000 after purchasing an additional 1,192,323 shares during the period. BlackRock Inc. acquired a new position in KeyCorp during the 2nd quarter valued at approximately $2,039,113,000. Wellington Management Group LLP grew its stake in KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in KeyCorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after buying an additional 115,968 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

KEY has been the topic of a number of recent research reports. Susquehanna raised 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. UBS Group upped their price target on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. TD Cowen reaffirmed a “buy” rating and issued a $68.00 price objective on shares of KeyCorp in a report on Tuesday, June 23rd. Royal Bank Of Canada increased their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Down 1.0%

Shares of KEY stock opened at $21.88 on Friday. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The stock has a market cap of $23.35 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The business’s fifty day moving average is $22.92 and its 200-day moving average is $21.79. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. Equities analysts expect 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. Shareholders 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 yield of 3.7%. KeyCorp’s payout ratio is 47.67%.

KeyCorp declared that its board has authorized a stock buyback plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is 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.