Handelsbanken Fonder AB Has $2.91 Million Position in KeyCorp $KEY

Handelsbanken Fonder AB lifted its position in shares of KeyCorp (NYSE:KEY) by 591.9% in the second quarter, HoldingsChannel.com reports. The fund owned 126,195 shares of the financial services provider’s stock after buying an additional 107,955 shares during the period. Handelsbanken Fonder AB’s holdings in KeyCorp were worth $2,909,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in KEY. Wealthcare Advisory Partners LLC lifted its stake in KeyCorp by 1.8% during the second quarter. Wealthcare Advisory Partners LLC now owns 187,745 shares of the financial services provider’s stock worth $4,328,000 after purchasing an additional 3,291 shares during the last quarter. Paladin Wealth LLC raised its holdings in shares of KeyCorp by 7.0% during the 2nd quarter. Paladin Wealth LLC now owns 12,501 shares of the financial services provider’s stock worth $288,000 after buying an additional 813 shares in the last quarter. Sax Wealth Advisors LLC lifted its position in shares of KeyCorp by 30.9% during the 2nd quarter. Sax Wealth Advisors LLC now owns 23,237 shares of the financial services provider’s stock worth $536,000 after buying an additional 5,484 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in shares of KeyCorp by 5.5% during the 2nd quarter. Valeo Financial Advisors LLC now owns 12,344 shares of the financial services provider’s stock worth $285,000 after buying an additional 643 shares during the last quarter. Finally, Gradient Investments LLC boosted its stake in KeyCorp by 1.0% in the second quarter. Gradient Investments LLC now owns 959,843 shares of the financial services provider’s stock valued at $22,124,000 after buying an additional 9,527 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KEY. TD Cowen reiterated a “buy” rating and issued a $68.00 target price on shares of KeyCorp in a research report on Tuesday, June 23rd. Truist Financial raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, June 24th. Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Morgan Stanley upped their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Finally, DA Davidson reissued a “buy” rating and issued a $28.00 price objective on shares of KeyCorp in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Price Performance

Shares of KEY opened at $23.30 on Monday. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The business has a 50-day simple moving average of $22.89 and a two-hundred day simple moving average of $21.76. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The stock has a market cap of $24.87 billion, a PE ratio of 13.55, a PEG ratio of 0.76 and a beta of 1.03.

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. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the firm posted $0.35 earnings per share. Analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

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