Saudi Central Bank Buys 29,756 Shares of KeyCorp $KEY

Saudi Central Bank boosted its stake in KeyCorp (NYSE:KEY) by 87.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 63,826 shares of the financial services provider’s stock after buying an additional 29,756 shares during the period. Saudi Central Bank’s holdings in KeyCorp were worth $1,471,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. AlphaGrep UK Ltd acquired a new stake in KeyCorp during the second quarter worth approximately $407,000. Tudor Financial Inc. grew its position in shares of KeyCorp by 3,308.6% in the second quarter. Tudor Financial Inc. now owns 10,260 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 9,959 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in shares of KeyCorp by 94.5% in the second quarter. Concurrent Investment Advisors LLC now owns 435,809 shares of the financial services provider’s stock valued at $10,045,000 after purchasing an additional 211,690 shares during the last quarter. Retireful LLC increased its stake in shares of KeyCorp by 5.0% during the second quarter. Retireful LLC now owns 14,309 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 681 shares during the period. Finally, Continuum Advisory LLC acquired a new stake in KeyCorp during the 2nd quarter worth approximately $148,000. 79.69% of the stock is owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE KEY opened at $21.78 on Wednesday. The business has a fifty day moving average price of $22.67 and a two-hundred day moving average price of $21.75. The stock has a market capitalization of $23.25 billion, a PE ratio of 12.66, a P/E/G ratio of 0.84 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07.

KeyCorp (NYSE:KEY) last released 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 return on equity of 11.23% and a net margin of 17.83%.The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the firm posted $0.35 EPS. KeyCorp’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, equities analysts predict that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s dividend payout ratio is presently 47.67%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on KEY shares. Argus upgraded KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. Morgan Stanley lifted their target price on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Robert W. Baird boosted their target price on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company lifted their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Susquehanna boosted their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.14.

About KeyCorp

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.