Healthcare of Ontario Pension Plan Trust Fund Raises Holdings in KeyCorp $KEY

Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of KeyCorp (NYSE:KEY) by 2,288.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 876,976 shares of the financial services provider’s stock after acquiring an additional 840,252 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in KeyCorp were worth $17,583,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in KEY. Maseco LLP purchased a new position in shares of KeyCorp in the fourth quarter worth about $27,000. DV Equities LLC bought a new stake in shares of KeyCorp in the fourth quarter valued at approximately $27,000. Smithfield Trust Co purchased a new stake in shares of KeyCorp during the 4th quarter valued at approximately $31,000. Kelleher Financial Advisors purchased a new stake in shares of KeyCorp during the 3rd quarter valued at approximately $32,000. Finally, Richardson Financial Services Inc. bought a new position in KeyCorp in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on KEY. Morgan Stanley lifted their price objective 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. The Goldman Sachs Group increased their target price on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods boosted their price objective on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Finally, Jefferies Financial Group increased their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Performance

KeyCorp stock opened at $22.50 on Tuesday. The firm’s 50 day simple moving average is $22.50 and its 200 day simple moving average is $21.61. 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 firm has a market capitalization of $24.29 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 0.74 and a beta of 1.02. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the company posted $0.35 EPS. The business’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. 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 allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.

KeyCorp 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.