Jefferies Financial Group Inc. Reduces Position in KeyCorp $KEY

Jefferies Financial Group Inc. trimmed its position in KeyCorp (NYSE:KEY) by 8.4% during the second quarter, Holdings Channel.com reports. The firm owned 301,526 shares of the financial services provider’s stock after selling 27,735 shares during the period. Jefferies Financial Group Inc.’s holdings in KeyCorp were worth $6,950,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of KEY. DV Equities LLC purchased a new stake in KeyCorp during the 4th quarter worth about $27,000. N.E.W. Advisory Services LLC purchased a new position in shares of KeyCorp in the 2nd quarter valued at about $30,000. Silvant Capital Management LLC purchased a new position in shares of KeyCorp in the 2nd quarter valued at about $30,000. Smithfield Trust Co acquired a new stake in shares of KeyCorp during the 4th quarter worth about $31,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of KeyCorp during the 2nd quarter worth about $31,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $22.02 on Friday. KeyCorp has a one year low of $16.47 and a one year high of $24.07. The stock has a market capitalization of $23.49 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 0.72 and a beta of 1.03. The company has a 50-day simple moving average of $22.86 and a 200-day simple moving average of $21.77. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY) last released 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 firm 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% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share. On average, analysts predict that KeyCorp will post 1.83 EPS for the current year.

KeyCorp declared that its board has initiated a share 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 reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

KeyCorp Announces Dividend

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

Wall Street Analyst Weigh In

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 report on Wednesday, July 22nd. Susquehanna raised their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. TD Cowen restated a “buy” rating and set a $68.00 price objective on shares of KeyCorp in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. upped 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, Robert W. Baird increased their target price on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

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.