Flputnam Investment Management Co. Purchases Shares of 25,926 KeyCorp $KEY

Flputnam Investment Management Co. acquired a new position in shares of KeyCorp (NYSE:KEY) during the second quarter, Holdings Channel reports. The fund acquired 25,926 shares of the financial services provider’s stock, valued at approximately $598,000.

Several other large investors also recently made changes to their positions in KEY. MCF Advisors LLC increased its position in KeyCorp by 31.6% in the 4th 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 holdings in KeyCorp by 19.0% in the fourth 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 grew its stake in KeyCorp by 5.4% in the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 522 shares during the period. J.W. Cole Advisors Inc. grew its stake 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 valued at $311,000 after acquiring an additional 547 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV increased its holdings in shares of KeyCorp by 1.7% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,493 shares of the financial services provider’s stock valued at $650,000 after acquiring an additional 556 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Down 1.1%

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

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The business 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 in the prior year, the firm posted $0.35 EPS. On average, sell-side analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 3.6%. KeyCorp’s payout ratio is 47.67%.

KeyCorp announced that its board has approved a stock buyback 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 reacquire up to 13% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KEY. Stephens began coverage on KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 target price on the stock. Morgan Stanley lifted their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Susquehanna boosted their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Evercore restated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, Royal Bank Of Canada upped their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus 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.