Pzena Investment Management LLC Purchases New Shares in KeyCorp $KEY

Pzena Investment Management LLC purchased a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 1,597,019 shares of the financial services provider’s stock, valued at approximately $36,811,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. DV Equities LLC acquired a new stake in KeyCorp in the 4th quarter valued at about $27,000. N.E.W. Advisory Services LLC acquired a new position in shares of KeyCorp during the second quarter worth approximately $30,000. Smithfield Trust Co acquired a new position in shares of KeyCorp during the fourth quarter worth approximately $31,000. Kelleher Financial Advisors bought a new stake in shares of KeyCorp during the third quarter valued at approximately $32,000. Finally, MCF Advisors LLC grew its stake in shares of KeyCorp by 31.6% during the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 456 shares during the last quarter. Institutional investors own 79.69% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods upped their price objective on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Truist Financial increased their price objective on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, June 24th. Susquehanna lifted 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. Finally, Evercore restated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. One investment 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Price Performance

Shares of KEY opened at $23.06 on Tuesday. The stock has a market cap of $24.61 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The stock’s 50-day moving average price is $22.92 and its two-hundred day moving average price is $21.77. 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 (NYSE:KEY) last announced its quarterly 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. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the business posted $0.35 EPS. KeyCorp’s revenue was up 6.7% on a year-over-year basis. On average, equities analysts predict that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

KeyCorp declared that its Board of Directors has authorized a share repurchase 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 repurchase up to 13% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.