Sanctuary Advisors LLC Makes New Investment in KeyCorp $KEY

Sanctuary Advisors LLC acquired a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 36,829 shares of the financial services provider’s stock, valued at approximately $849,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Nova Scotia boosted its stake in KeyCorp by 0.6% in the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock worth $3,268,076,000 after buying an additional 900,951 shares during the last quarter. BlackRock Inc. acquired a new position in shares of KeyCorp during the 2nd quarter valued at about $2,039,113,000. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the period. Geode Capital Management LLC lifted its holdings in shares of KeyCorp by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after acquiring an additional 115,968 shares during the period. Finally, Capital World Investors boosted its position in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after acquiring an additional 238,514 shares during the last quarter. Hedge funds and other 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 debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 1 year low of $16.47 and a 1 year high of $24.07. The stock has a market capitalization of $23.38 billion, a P/E ratio of 12.74, a PEG ratio of 0.72 and a beta of 1.03. The stock has a 50-day simple moving average of $22.85 and a 200-day simple moving average of $21.77.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate 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 net margin of 17.83% and a return on equity of 11.23%. KeyCorp’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 earnings per share. Equities analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp announced that its Board of Directors has authorized a share repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management 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 given 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 3.7%. KeyCorp’s dividend payout ratio is presently 47.67%.

Wall Street Analyst Weigh In

KEY has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods increased their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. Truist Financial boosted their price objective 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. Finally, TD Cowen restated a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and an average target price 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.