Mitsubishi UFJ Trust & Banking Corp Sells 45,861 Shares of KeyCorp (NYSE:KEY)

Mitsubishi UFJ Trust & Banking Corp trimmed its holdings in KeyCorp (NYSE:KEY) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 410,140 shares of the financial services provider’s stock after selling 45,861 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in KeyCorp were worth $7,030,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in KEY. Vanguard Group Inc. lifted its holdings in shares of KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares in the last quarter. Azora Capital LP bought a new position in KeyCorp during the 3rd quarter valued at $92,413,000. Raymond James Financial Inc. purchased a new position in KeyCorp during the 4th quarter worth $42,827,000. Victory Capital Management Inc. grew its stake in shares of 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 acquiring an additional 2,157,901 shares in the last quarter. Finally, National Pension Service raised its holdings in shares of KeyCorp by 1,124.8% in the fourth quarter. National Pension Service now owns 1,679,582 shares of the financial services provider’s stock valued at $28,788,000 after purchasing an additional 1,542,456 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction that occurred on 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 purchase, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $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 SEC, which is available through this link. 0.61% of the stock is owned by corporate insiders.

KeyCorp Stock Performance

NYSE:KEY opened at $15.80 on Monday. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The business’s fifty day moving average is $16.93 and its 200 day moving average is $17.42. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $17.46 billion, a price-to-earnings ratio of -52.65, a PEG ratio of 0.65 and a beta of 1.26.

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

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were given a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.19%. KeyCorp’s dividend payout ratio (DPR) is currently -273.33%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Barclays increased their price target on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods cut their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Truist Financial decreased their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Finally, Morgan Stanley cut their price target on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.