Corient Private Wealth LP Invests $13.12 Million in KeyCorp $KEY

Corient Private Wealth LP bought a new position in KeyCorp (NYSE:KEY) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 637,367 shares of the financial services provider’s stock, valued at approximately $13,118,000.

Several other large investors have also added to or reduced their stakes in the business. N.E.W. Advisory Services LLC acquired a new position in KeyCorp during the 2nd quarter valued at about $30,000. Silvant Capital Management LLC purchased a new stake in shares of KeyCorp in the second quarter worth approximately $30,000. DV Equities LLC purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $27,000. Keating Financial Advisory Services Inc. bought a new position in shares of KeyCorp in the second quarter valued at approximately $31,000. Finally, Smithfield Trust Co purchased a new position in shares of KeyCorp during the fourth quarter valued at approximately $31,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 0.5%

Shares of NYSE:KEY opened at $21.91 on Friday. The company has a market capitalization of $23.38 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The business has a fifty day moving average price of $22.85 and a two-hundred day moving average price of $21.77. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07.

KeyCorp (NYSE:KEY) last released its earnings results 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 analysts’ expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. Analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued 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 is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on KEY. Keefe, Bruyette & Woods increased their price target on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price objective on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Stephens began coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price for the company. Finally, Susquehanna raised their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. One 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.