Manning & Napier Advisors LLC Acquires Shares of 128,952 KeyCorp $KEY

Manning & Napier Advisors LLC acquired a new stake in KeyCorp (NYSE:KEY) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 128,952 shares of the financial services provider’s stock, valued at approximately $2,985,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cibc World Market Inc. purchased a new stake in KeyCorp in the 2nd quarter worth approximately $5,182,000. OMERS ADMINISTRATION Corp bought a new stake in shares of KeyCorp in the 2nd quarter worth approximately $1,262,000. Osmosis Investment Management UK Ltd purchased a new position in shares of KeyCorp during the second quarter valued at approximately $982,000. Sanctuary Advisors LLC bought a new position in shares of KeyCorp during the second quarter valued at approximately $849,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of KeyCorp during the second quarter valued at approximately $1,256,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Up 0.1%

Shares of KEY stock opened at $21.90 on Wednesday. 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 has a 12-month low of $16.47 and a 12-month high of $24.07. The stock’s 50-day moving average price is $22.88 and its 200-day moving average price is $21.78. The stock has a market capitalization of $23.37 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (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 net margin of 17.83% and a return on equity of 11.23%. The business’s revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 EPS. Equities research analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its board has authorized a share buyback program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

KeyCorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

KEY has been the subject of a number of research analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $28.00 price target on shares of KeyCorp in a research note on Wednesday, July 22nd. Argus raised shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Susquehanna lifted their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. Stephens assumed coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective on the stock. Finally, Morgan Stanley boosted their price target on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.