Meeder Advisory Services Inc. Purchases New Position in KeyCorp $KEY

Meeder Advisory Services Inc. acquired a new stake in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 51,516 shares of the financial services provider’s stock, valued at approximately $1,187,000.

Several other large investors have also bought and sold shares of KEY. MCF Advisors LLC increased its stake in shares of KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 456 shares in the last quarter. Harbour Investments Inc. boosted its position in shares of KeyCorp by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of KeyCorp by 5.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock worth $206,000 after buying an additional 522 shares during the last quarter. J.W. Cole Advisors Inc. grew its stake 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 buying an additional 547 shares during the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV increased its position in KeyCorp by 1.7% during the 1st 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 buying an additional 556 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE KEY opened at $22.07 on Thursday. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The firm has a market cap of $23.56 billion, a P/E ratio of 12.83, a PEG ratio of 0.75 and a beta of 1.03. The company has a 50 day moving average of $22.93 and a 200 day moving average of $21.79. 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 data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the firm posted $0.35 EPS. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, research analysts expect that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes 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 leadership believes its stock is undervalued.

KeyCorp Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on KEY shares. Argus upgraded KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. Susquehanna increased their target price on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. UBS Group lifted their price target on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price target on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of KeyCorp in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock presently has an average 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.