By otakuyassine3@gmail.com 
LPL Financial LLC boosted its holdings in shares of KeyCorp (NYSE:KEY – Free Report) by 22.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 931,782 shares of the financial services provider’s stock after acquiring an additional 170,779 shares during the period. LPL Financial LLC’s holdings in KeyCorp were worth $15,971,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KEY. Charles Schwab Investment Management Inc. lifted its holdings in shares of KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock valued at $566,626,000 after purchasing an additional 1,452,179 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in KeyCorp by 5.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider’s stock valued at $105,829,000 after buying an additional 322,150 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of KeyCorp by 57.0% in the fourth quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock valued at $101,916,000 after buying an additional 2,157,901 shares during the period. Raymond James Financial Inc. bought a new stake in shares of KeyCorp during the fourth quarter worth $42,827,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of KeyCorp by 3.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,138,140 shares of the financial services provider’s stock worth $35,814,000 after acquiring an additional 71,290 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.61% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have issued reports on KEY shares. Barclays increased their target price on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Truist Financial reduced their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Citigroup lowered their price objective on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, DA Davidson reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.42.
Check Out Our Latest Research Report on KeyCorp
KeyCorp Trading Down 1.4 %
KEY stock opened at $15.77 on Wednesday. The stock has a market cap of $17.43 billion, a price-to-earnings ratio of -52.57, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company has a fifty day moving average price of $16.85 and a two-hundred day moving average price of $17.42. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.
KeyCorp announced that its board has initiated a share buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
KeyCorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.20%. KeyCorp’s dividend payout ratio is currently -273.33%.
KeyCorp Profile
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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