Vise Technologies Inc. Makes New Investment in KeyCorp $KEY

Vise Technologies Inc. purchased a new position in shares of KeyCorp (NYSE:KEY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 29,594 shares of the financial services provider’s stock, valued at approximately $682,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC purchased a new stake in KeyCorp during the 4th quarter worth approximately $476,000. Woodline Partners LP boosted its position in KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 24,627 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 1,890 shares in the last quarter. Cresset Asset Management LLC grew its stake in shares of KeyCorp by 6.5% in the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after acquiring an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of KeyCorp during the second quarter worth $186,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Price Performance

KeyCorp stock opened at $21.89 on Monday. The stock has a market cap of $23.36 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. The company has a fifty day simple moving average of $22.91 and a 200-day simple moving average of $21.79. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. Equities analysts expect that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on KEY. Stephens began coverage on KeyCorp in a research note on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective on the stock. Susquehanna upped their price target on KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. Keefe, Bruyette & Woods upped their price target on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of KeyCorp in a research report on Friday, August 7th. Finally, Argus upgraded KeyCorp to a “strong-buy” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.