CM Wealth Advisors LLC Acquires Shares of 31,324 KeyCorp $KEY

CM Wealth Advisors LLC acquired a new stake in shares of KeyCorp (NYSE:KEY) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 31,324 shares of the financial services provider’s stock, valued at approximately $722,000.

Other large investors have also recently made changes to their positions in the company. DV Equities LLC purchased a new position in KeyCorp during the 4th quarter valued at approximately $27,000. N.E.W. Advisory Services LLC purchased a new stake in shares of KeyCorp during the 2nd quarter worth approximately $30,000. Smithfield Trust Co bought a new position in shares of KeyCorp during the 4th quarter valued at approximately $31,000. Kelleher Financial Advisors bought a new position in shares of KeyCorp during the 3rd quarter valued at approximately $32,000. Finally, MCF Advisors LLC grew its holdings in shares of KeyCorp by 31.6% in the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 456 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on KEY shares. Stephens initiated coverage on shares of KeyCorp in a research note on Monday, June 15th. They set an “overweight” rating and a $26.00 price target on the stock. Royal Bank Of Canada lifted their price target on KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. Argus raised KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. UBS Group upped their price objective on KeyCorp from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Morgan Stanley raised their price objective on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. One research 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Price Performance

KEY opened at $22.07 on Thursday. The business has a fifty day moving average of $22.93 and a 200 day moving average of $21.79. KeyCorp has a 52-week low of $16.47 and a 52-week 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 $23.56 billion, a P/E ratio of 12.83, a PEG ratio of 0.75 and a beta of 1.03.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The business had revenue of $1.96 billion for 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%.The business’s revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, sell-side analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp announced that its Board of Directors has authorized a share 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 purchase up to 13% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently declared 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. The ex-dividend date is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.7%. KeyCorp’s payout ratio is presently 47.67%.

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.