Summit Global Investments Acquires Shares of 33,611 KeyCorp $KEY

Summit Global Investments bought a new position in KeyCorp (NYSE:KEY) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 33,611 shares of the financial services provider’s stock, valued at approximately $775,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. M&T Bank Corp grew its holdings in KeyCorp by 5,317.0% in the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after buying an additional 1,325,588 shares in the last quarter. Jefferies Financial Group Inc. raised its holdings in shares of KeyCorp by 62.1% during the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider’s stock worth $4,552,000 after acquiring an additional 84,497 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of KeyCorp by 14.8% during the 4th quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock worth $115,638,000 after acquiring an additional 721,421 shares during the period. Mattson Financial Services LLC raised its holdings in shares of KeyCorp by 298.1% during the 4th quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider’s stock worth $1,564,000 after acquiring an additional 56,736 shares during the period. Finally, North Reef Capital Management LP acquired a new position in shares of KeyCorp during the 1st quarter valued at about $253,632,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

KEY stock opened at $23.30 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 capitalization of $24.87 billion, a PE ratio of 13.55, a P/E/G ratio of 0.75 and a beta of 1.03. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The business’s fifty day moving average price is $22.89 and its 200 day moving average price is $21.76.

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 company had revenue of $1.96 billion during 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%.KeyCorp’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the business posted $0.35 EPS. On average, sell-side analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

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

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid 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 3.5%. KeyCorp’s dividend payout ratio (DPR) is presently 47.67%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, April 17th. JPMorgan Chase & Co. lifted their target price on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Argus upgraded shares of KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. UBS Group raised their price target on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Royal Bank Of Canada lifted their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

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.