Danske Bank A S Purchases Shares of 539,519 KeyCorp $KEY

Danske Bank A S acquired a new position in shares of KeyCorp (NYSE:KEY) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 539,519 shares of the financial services provider’s stock, valued at approximately $12,436,000.

A number of other institutional investors also recently made changes to their positions in KEY. DV Equities LLC bought a new position in KeyCorp during the 4th quarter worth $27,000. N.E.W. Advisory Services LLC acquired a new stake in shares of KeyCorp during the second quarter worth $30,000. Smithfield Trust Co bought a new stake in shares of KeyCorp in the fourth quarter valued at about $31,000. Kelleher Financial Advisors acquired a new position in shares of KeyCorp in the third quarter valued at about $32,000. Finally, MCF Advisors LLC grew its stake 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 acquiring an additional 456 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 1.0%

Shares of KEY opened at $21.88 on Friday. The firm has a 50 day simple moving average of $22.92 and a two-hundred day simple moving average of $21.79. 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 has a one year low of $16.47 and a one year high of $24.07. The company has a market cap of $23.35 billion, a P/E ratio of 12.72, a P/E/G ratio of 0.72 and a beta of 1.03.

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

KeyCorp Announces Dividend

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

KeyCorp declared that its Board of Directors has approved a stock buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

KEY has been the topic of a number of recent research reports. DA Davidson reaffirmed a “buy” rating and set a $28.00 price target on shares of KeyCorp in a research report on Wednesday, July 22nd. Royal Bank Of Canada increased their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. TD Cowen reaffirmed a “buy” rating and set a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Susquehanna lifted their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. 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. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

About KeyCorp

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.