Deutsche Bank AG Buys New Shares in KeyCorp $KEY

Deutsche Bank AG purchased a new stake in shares of KeyCorp (NYSE:KEY) in the 2nd quarter, HoldingsChannel reports. The firm purchased 16,496,467 shares of the financial services provider’s stock, valued at approximately $380,244,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of KEY. Wellington Management Group LLP increased its holdings in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the period. Norges Bank bought a new stake in shares of KeyCorp in the 4th quarter valued at about $262,688,000. North Reef Capital Management LP purchased a new stake in KeyCorp during the 1st quarter valued at about $253,632,000. Eurizon Capital SGR S.p.A. purchased a new stake in KeyCorp during the 4th quarter valued at about $150,843,000. Finally, AQR Capital Management LLC grew its position in KeyCorp by 416.3% during the 4th quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of KeyCorp in a research report on Friday, August 7th. Susquehanna increased their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. UBS Group raised their price target on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Stephens initiated coverage on shares of KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Trading Down 1.1%

NYSE:KEY opened at $23.06 on Tuesday. The company has a 50-day moving average price of $22.92 and a 200-day moving average price of $21.77. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The stock has a market cap of $24.61 billion, a price-to-earnings ratio of 13.41, a P/E/G ratio of 0.76 and a beta of 1.03.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating 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 firm 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 firm posted $0.35 EPS. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. Equities analysts predict that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Dividend Announcement

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 given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.

KeyCorp declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

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.