Northwestern Mutual Wealth Management Co. Takes $2.12 Million Position in KeyCorp $KEY

Northwestern Mutual Wealth Management Co. acquired a new position in KeyCorp (NYSE:KEY) during the second quarter, HoldingsChannel.com reports. The fund acquired 92,179 shares of the financial services provider’s stock, valued at approximately $2,125,000.

Several other institutional investors have also added to or reduced their stakes in the business. MCF Advisors LLC boosted its stake in shares of KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 456 shares during the last quarter. Harbour Investments Inc. lifted its position in KeyCorp by 19.0% during the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in KeyCorp by 5.4% during the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 522 shares during the period. J.W. Cole Advisors Inc. increased its position in KeyCorp by 3.8% in the fourth quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider’s stock worth $311,000 after buying an additional 547 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV increased its position in KeyCorp by 1.7% in the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,493 shares of the financial services provider’s stock worth $650,000 after buying an additional 556 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Stock Performance

KEY opened at $21.87 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The stock’s 50 day moving average price is $22.90 and its 200-day moving average price is $21.79. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The stock has a market cap of $23.34 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The firm had revenue of $1.96 billion during 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%.KeyCorp’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the company earned $0.35 EPS. On average, equities analysts forecast that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on KEY shares. Royal Bank Of Canada lifted their price objective on KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Stephens assumed coverage on KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target on the stock. UBS Group raised their price objective on KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reissued a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. Finally, Susquehanna upped their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.