Daiichi Life Insurance Co. Ltd. Buys New Shares in KeyCorp $KEY

Daiichi Life Insurance Co. Ltd. bought a new position in shares of KeyCorp (NYSE:KEY) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 33,437 shares of the financial services provider’s stock, valued at approximately $771,000.

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

KeyCorp Stock Performance

NYSE KEY opened at $21.87 on Tuesday. The firm’s 50 day moving average price is $22.90 and its two-hundred day moving average price is $21.79. 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 twelve month low of $16.47 and a twelve month high of $24.07. The stock has a market cap of $23.34 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.72 and a beta of 1.03.

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, beating analysts’ consensus estimates of $0.42 by $0.02. The company 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%.The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 earnings per share. Equities analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp declared that its board has authorized a stock buyback plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.

Analysts Set New Price Targets

Several brokerages have recently commented on KEY. Robert W. Baird upped their target price on KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a 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. Keefe, Bruyette & Woods lifted their price target on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Morgan Stanley boosted their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Stephens began coverage on shares of KeyCorp in a research note on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective for the company. 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. According to 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.