Signaturefd LLC Grows Stake in KeyCorp (NYSE:KEY)

Signaturefd LLC raised its holdings in shares of KeyCorp (NYSE:KEY) by 16.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,453 shares of the financial services provider’s stock after purchasing an additional 614 shares during the period. Signaturefd LLC’s holdings in KeyCorp were worth $76,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in KEY. Charles Schwab Investment Management Inc. raised its stake in KeyCorp by 4.6% in the fourth 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 buying an additional 1,452,179 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of KeyCorp by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock valued at $119,170,000 after purchasing an additional 222,187 shares during the last quarter. Victory Capital Management Inc. boosted its stake in KeyCorp by 57.0% in the 4th quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock worth $101,916,000 after purchasing an additional 2,157,901 shares in the last quarter. Azora Capital LP purchased a new stake in KeyCorp during the 3rd quarter worth approximately $92,413,000. Finally, Raymond James Financial Inc. acquired a new position in KeyCorp during the 4th quarter valued at approximately $42,827,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction 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. This trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.61% of the company’s stock.

KeyCorp Stock Up 2.9 %

KEY opened at $16.62 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The business’s 50-day simple moving average is $17.07 and its 200-day simple moving average is $17.41. The stock has a market capitalization of $18.36 billion, a P/E ratio of -55.38, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its Board of Directors has initiated a share buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 4.94%. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

Analyst Upgrades and Downgrades

KEY has been the topic of a number of research analyst reports. Piper Sandler boosted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. The Goldman Sachs Group increased their price target on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Citigroup dropped 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. Finally, Truist Financial reduced their target price on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $19.53.

KeyCorp Company 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.