OMERS ADMINISTRATION Corp Takes Position in KeyCorp $KEY

OMERS ADMINISTRATION Corp acquired a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 54,771 shares of the financial services provider’s stock, valued at approximately $1,262,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. MCF Advisors LLC lifted its position 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 buying an additional 456 shares during the last quarter. Harbour Investments Inc. lifted its holdings in KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 508 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in KeyCorp by 5.4% in the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 522 shares during the last quarter. J.W. Cole Advisors Inc. lifted its holdings in KeyCorp by 3.8% in the fourth quarter. J.W. Cole Advisors Inc. now owns 15,082 shares of the financial services provider’s stock worth $311,000 after acquiring an additional 547 shares during the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV boosted its stake in KeyCorp by 1.7% in the first 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 acquiring an additional 556 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

KEY has been the topic of several recent research reports. DA Davidson reissued a “buy” rating and issued a $28.00 price target on shares of KeyCorp in a report on Wednesday, July 22nd. JPMorgan Chase & Co. upped their price objective on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of KeyCorp in a research report on Friday, August 7th. TD Cowen reiterated a “buy” rating and issued a $68.00 target price on shares of KeyCorp in a research note on Tuesday, June 23rd. Finally, Argus upgraded shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. One equities research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $49.14.

KeyCorp Stock Performance

Shares of KEY stock opened at $22.10 on Thursday. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The firm has a market capitalization of $23.58 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The business has a 50 day simple moving average of $22.87 and a 200 day simple moving average of $21.78. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $1.96 billion for 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 revenue was up 6.7% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS. On average, equities research analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Dividend Announcement

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 (DPR) is 47.67%.

KeyCorp announced that its board has authorized a stock repurchase program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.