Flputnam Investment Management Co. Takes $598,000 Position in KeyCorp $KEY

Flputnam Investment Management Co. bought a new position in KeyCorp (NYSE:KEY) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 25,926 shares of the financial services provider’s stock, valued at approximately $598,000.

Several other large investors have also recently bought and sold shares of KEY. Wellington Management Group LLP increased its stake in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after buying an additional 17,245,128 shares during the period. Norges Bank bought a new stake in KeyCorp during the 4th quarter worth approximately $262,688,000. North Reef Capital Management LP acquired a new position in KeyCorp in the 1st quarter valued at approximately $253,632,000. Eurizon Capital SGR S.p.A. acquired a new position in KeyCorp in the 4th quarter valued at approximately $150,843,000. Finally, AQR Capital Management LLC raised its stake in shares of KeyCorp by 416.3% during the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock valued at $147,862,000 after acquiring an additional 5,776,417 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on KEY. Susquehanna boosted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. Truist Financial raised their target price on KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. Keefe, Bruyette & Woods upped 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. Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, JPMorgan Chase & Co. raised their price objective on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

KeyCorp Stock Performance

Shares of KEY opened at $23.06 on Tuesday. 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 stock has a market capitalization 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. The firm’s fifty day simple moving average is $22.92 and its two-hundred day simple moving average is $21.77. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping 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 firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the business posted $0.35 EPS. The business’s revenue was up 6.7% compared to the same quarter last year. As a group, analysts predict that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

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

KeyCorp announced that its Board of Directors has approved a stock repurchase 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.