Man Group plc Makes New Investment in KeyCorp $KEY

Man Group plc purchased a new stake in shares of KeyCorp (NYSE:KEY) in the second quarter, according to its most recent filing with the SEC. The firm purchased 1,160,396 shares of the financial services provider’s stock, valued at approximately $26,747,000. Man Group plc owned 0.11% of KeyCorp at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Invst LLC purchased a new position in KeyCorp in the 2nd quarter valued at approximately $843,000. Polar Asset Management Partners Inc. purchased a new stake in KeyCorp during the second quarter worth $11,913,000. Jupiter Topco LLC purchased a new stake in KeyCorp during the second quarter worth $2,381,000. Ancora Advisors LLC acquired a new stake in KeyCorp in the second quarter valued at $1,598,000. Finally, Primecap Management Co. CA acquired a new stake in KeyCorp in the second quarter valued at $39,172,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of KeyCorp in a research note on Friday, August 7th. TD Cowen reissued a “buy” rating and issued a $68.00 price objective on shares of KeyCorp in a research note on Tuesday, June 23rd. Keefe, Bruyette & Woods increased their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of KeyCorp from $22.50 to $24.50 and gave the company a “neutral” rating in a report on Monday, July 6th. Finally, Argus upgraded shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Stock Up 1.0%

KEY opened at $22.10 on Thursday. The firm has a market cap of $23.58 billion, a P/E ratio of 12.85, a PEG ratio of 0.72 and a beta of 1.03. The business’s fifty day simple moving average is $22.87 and its 200 day simple moving average is $21.78. 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.

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

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

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.205 dividend. 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 payout ratio is currently 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.