Callan Family Office LLC Takes Position in KeyCorp $KEY

Callan Family Office LLC purchased a new stake in KeyCorp (NYSE:KEY) in the 2nd quarter, HoldingsChannel reports. The fund purchased 25,991 shares of the financial services provider’s stock, valued at approximately $599,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Nova Scotia grew its position in KeyCorp by 0.6% during the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock worth $3,268,076,000 after purchasing an additional 900,951 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of KeyCorp by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock valued at $2,576,110,000 after purchasing an additional 1,192,323 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of KeyCorp in the second quarter worth $2,039,113,000. Wellington Management Group LLP boosted its position in shares of KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock valued at $493,048,000 after buying an additional 115,968 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

KEY has been the topic of several recent analyst reports. Morgan Stanley upped their price target on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Wells Fargo & Company lifted their target price on KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Truist Financial upped their target price on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, June 24th. Royal Bank Of Canada upped their target price on KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of KeyCorp in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Trading Up 0.1%

KeyCorp stock opened at $21.90 on Wednesday. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. 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 has a market cap of $23.37 billion, a P/E ratio of 12.73, a P/E/G ratio of 0.72 and a beta of 1.03. The company’s fifty day simple moving average is $22.88 and its 200-day simple moving average is $21.78.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the company earned $0.35 earnings per share. As a group, sell-side analysts forecast that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Announces Dividend

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

KeyCorp announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock buyback plans are often 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.