KeyCorp (NYSE:KEY) Shares Acquired by Corebridge Financial Inc.

Corebridge Financial Inc. lifted its stake in shares of KeyCorp (NYSE:KEY) by 1.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 234,254 shares of the financial services provider’s stock after buying an additional 3,834 shares during the period. Corebridge Financial Inc.’s holdings in KeyCorp were worth $4,015,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its position in KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock worth $19,149,000 after acquiring an additional 36,424 shares during the period. Truist Financial Corp raised its stake in shares of KeyCorp by 27.1% in the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock worth $1,643,000 after purchasing an additional 20,424 shares during the last quarter. Avanza Fonder AB acquired a new stake in shares of KeyCorp during the fourth quarter worth about $1,618,000. Teachers Retirement System of The State of Kentucky boosted its position in KeyCorp by 1,974.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,541,680 shares of the financial services provider’s stock valued at $25,823,000 after buying an additional 1,467,351 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in KeyCorp in the 4th quarter worth approximately $1,519,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Down 2.3 %

KEY stock opened at $15.80 on Monday. The stock has a market capitalization of $17.46 billion, a P/E ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The firm has a 50-day simple moving average of $16.93 and a 200-day simple moving average of $17.42. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

KeyCorp announced that its board has approved 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.19%. KeyCorp’s payout ratio is currently -273.33%.

Insider Activity

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

KEY has been the topic of several recent research reports. Stephens reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Truist Financial lowered their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, March 21st. Keefe, Bruyette & Woods reduced their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Royal Bank of Canada restated an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Piper Sandler lifted their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.42.

About KeyCorp

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.