Korea Investment CORP Invests $56.15 Million in KeyCorp $KEY

Korea Investment CORP purchased a new position in KeyCorp (NYSE:KEY) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,435,875 shares of the financial services provider’s stock, valued at approximately $56,147,000. Korea Investment CORP owned 0.23% of KeyCorp at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. N.E.W. Advisory Services LLC purchased a new stake in KeyCorp during the second quarter worth $30,000. Silvant Capital Management LLC purchased a new position in shares of KeyCorp in the second quarter valued at $30,000. DV Equities LLC purchased a new position in shares of KeyCorp in the fourth quarter valued at $27,000. Keating Financial Advisory Services Inc. purchased a new position in shares of KeyCorp in the second quarter valued at $31,000. Finally, Smithfield Trust Co acquired a new position in shares of KeyCorp during the 4th quarter worth $31,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on KEY. Morgan Stanley boosted 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. DA Davidson restated a “buy” rating and set a $28.00 target price on shares of KeyCorp in a report on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their target price on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Argus raised shares of KeyCorp to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, UBS Group increased their price target on shares of KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. One equities research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Up 0.2%

Shares of NYSE:KEY opened at $21.89 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. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The stock’s fifty day simple moving average is $22.91 and its 200-day simple moving average is $21.79. The company has a market capitalization of $23.36 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping 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 firm’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 EPS. As a group, equities research analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has authorized a share repurchase 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

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.