KeyCorp $KEY Shares Bought by Janus Henderson Group PLC

Janus Henderson Group PLC grew its stake in KeyCorp (NYSE:KEY) by 45.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 103,215 shares of the financial services provider’s stock after purchasing an additional 32,150 shares during the quarter. Janus Henderson Group PLC’s holdings in KeyCorp were worth $2,070,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Wellington Management Group LLP lifted its stake in KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after buying an additional 17,245,128 shares in the last quarter. Norges Bank acquired a new position in shares of KeyCorp during the fourth quarter valued at approximately $262,688,000. North Reef Capital Management LP acquired a new position in shares of KeyCorp during the first quarter valued at approximately $253,632,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of KeyCorp in the fourth quarter valued at approximately $150,843,000. Finally, AQR Capital Management LLC boosted its stake in shares of KeyCorp by 416.3% in the fourth quarter. AQR Capital Management LLC now owns 7,163,851 shares of the financial services provider’s stock worth $147,862,000 after acquiring an additional 5,776,417 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on KEY shares. DA Davidson reiterated a “buy” rating and set a $28.00 price target on shares of KeyCorp in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. upped their target price on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods increased their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Stephens initiated coverage on shares of KeyCorp in a research note on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target on the stock. Finally, TD Cowen restated a “buy” rating and set a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Stock Up 0.3%

Shares of NYSE:KEY opened at $22.72 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The business has a fifty day moving average of $22.73 and a two-hundred day moving average of $21.70. The stock has a market cap of $24.25 billion, a P/E ratio of 13.21, a PEG ratio of 0.74 and a beta of 1.03. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $1.95 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 company’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.35 EPS. On average, research analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Announces Dividend

The company 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 dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. KeyCorp’s payout ratio is 47.67%.

KeyCorp announced that its Board of Directors has initiated a share buyback program on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.