Thrivent Financial for Lutherans Raises Stock Position in KeyCorp (NYSE:KEY)

Thrivent Financial for Lutherans increased its stake in KeyCorp (NYSE:KEY) by 5.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,174,383 shares of the financial services provider’s stock after acquiring an additional 322,150 shares during the quarter. Thrivent Financial for Lutherans’ holdings in KeyCorp were worth $105,829,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KEY. Azora Capital LP acquired a new stake in KeyCorp during the 3rd quarter worth $92,413,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in KeyCorp by 164.9% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,660,680 shares of the financial services provider’s stock valued at $78,066,000 after buying an additional 2,900,971 shares during the last quarter. Raymond James Financial Inc. acquired a new position in KeyCorp in the fourth quarter valued at about $42,827,000. Victory Capital Management Inc. increased its stake in KeyCorp by 57.0% during the fourth 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 during the period. Finally, National Pension Service increased its stake in KeyCorp by 1,124.8% during the fourth quarter. National Pension Service now owns 1,679,582 shares of the financial services provider’s stock worth $28,788,000 after purchasing an additional 1,542,456 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’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 acquisition, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.61% of the stock is owned by company insiders.

KeyCorp Stock Performance

NYSE KEY opened at $15.81 on Tuesday. The firm has a market capitalization of $17.47 billion, a P/E ratio of -52.68, a P/E/G ratio of 0.65 and a beta of 1.26. 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 has a 1-year low of $13.11 and a 1-year high of $20.04. The business’s 50-day simple moving average is $17.16 and its 200-day simple moving average is $17.43.

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

KeyCorp Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently weighed in on KEY. Citigroup raised KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, March 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $18.50 price objective on shares of KeyCorp in a research report on Monday, February 3rd. Stephens restated an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Piper Sandler raised 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. Finally, Truist Financial assumed coverage on KeyCorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $19.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $19.64.

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.