Trillium Asset Management LLC Invests $3.88 Million in KeyCorp $KEY

Trillium Asset Management LLC purchased a new position in shares of KeyCorp (NYSE:KEY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 168,196 shares of the financial services provider’s stock, valued at approximately $3,877,000.

Several other hedge funds also recently added to or reduced their stakes in the company. M&T Bank Corp lifted its stake in shares of KeyCorp by 5,317.0% during the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock worth $27,875,000 after acquiring an additional 1,325,588 shares during the last quarter. Jefferies Financial Group Inc. grew its position in KeyCorp by 62.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider’s stock valued at $4,552,000 after acquiring an additional 84,497 shares during the last quarter. Bank of New York Mellon Corp grew its position in KeyCorp by 14.8% in the 4th quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock valued at $115,638,000 after acquiring an additional 721,421 shares during the last quarter. North Reef Capital Management LP bought a new position in KeyCorp in the 1st quarter valued at $253,632,000. Finally, Mattson Financial Services LLC increased its stake in KeyCorp by 298.1% in the fourth quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider’s stock worth $1,564,000 after purchasing an additional 56,736 shares during the period. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Trading Down 1.0%

KEY opened at $21.88 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The stock’s fifty day moving average is $22.92 and its two-hundred day moving average is $21.79. The company has a market capitalization of $23.35 billion, a P/E ratio of 12.72, a PEG ratio of 0.72 and a beta of 1.03. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07.

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

KeyCorp declared that its Board of Directors has initiated a stock buyback program 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 repurchase up to 13% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Morgan Stanley upped their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Royal Bank Of Canada raised their price target 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. Robert W. Baird lifted their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. One investment 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. According to data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

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.