Summit Global Investments Buys New Shares in KeyCorp $KEY

Summit Global Investments bought a new position in shares of KeyCorp (NYSE:KEY) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 33,611 shares of the financial services provider’s stock, valued at approximately $775,000.

A number of other hedge funds also recently bought and sold shares of the stock. Brighton Jones LLC purchased a new stake in shares of KeyCorp during the fourth quarter worth approximately $476,000. Woodline Partners LP lifted its stake in KeyCorp by 41.4% in the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after acquiring an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in KeyCorp by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 1,890 shares in the last quarter. Cresset Asset Management LLC grew its holdings in KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after acquiring an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $186,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

KEY has been the subject of several recent analyst reports. Morgan Stanley lifted their price objective on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Royal Bank Of Canada lifted their price target on KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Susquehanna increased their price objective on KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. UBS Group raised their target price on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Finally, Argus raised KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. One 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, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Up 1.4%

KEY opened at $23.30 on Friday. KeyCorp has a one year low of $16.47 and a one year high of $24.07. 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 has a market capitalization of $24.87 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.75 and a beta of 1.03. The business’s 50-day simple moving average is $22.89 and its 200-day simple moving average is $21.76.

KeyCorp (NYSE:KEY) last announced 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 firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business’s revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS. Analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Dividend Announcement

The firm 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 is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

KeyCorp announced that its board has approved a stock repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows 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 of directors believes its shares are undervalued.

KeyCorp Company 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.