Saudi Central Bank Has $1.47 Million Stock Holdings in KeyCorp $KEY

Saudi Central Bank grew its holdings in KeyCorp (NYSE:KEY) by 87.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 63,826 shares of the financial services provider’s stock after purchasing an additional 29,756 shares during the quarter. Saudi Central Bank’s holdings in KeyCorp were worth $1,471,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. DV Equities LLC acquired a new stake in KeyCorp in the fourth quarter valued at about $27,000. N.E.W. Advisory Services LLC acquired a new position in KeyCorp during the second quarter worth about $30,000. Silvant Capital Management LLC bought a new position in shares of KeyCorp in the second quarter worth about $30,000. Smithfield Trust Co bought a new position in shares of KeyCorp in the fourth quarter worth about $31,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on KEY shares. Wells Fargo & Company lifted their price target on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Morgan Stanley increased their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Argus upgraded shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada boosted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. One research 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Trading Down 1.8%

KEY opened at $21.78 on Wednesday. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market capitalization of $23.25 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 0.84 and a beta of 1.02. The company’s 50 day moving average price is $22.67 and its two-hundred day moving average price is $21.75.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the business earned $0.35 earnings per share. KeyCorp’s revenue was up 6.7% compared to the same quarter last year. As a group, research analysts predict that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid 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 3.8%. KeyCorp’s dividend payout ratio is presently 47.67%.

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.