Mitsubishi UFJ Asset Management Co. Ltd. Has $26.07 Million Stake in KeyCorp (NYSE:KEY)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of KeyCorp (NYSE:KEY) by 14.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,507,992 shares of the financial services provider’s stock after acquiring an additional 186,288 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.15% of KeyCorp worth $26,073,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. increased its position in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares in the last quarter. Ethos Financial Group LLC bought a new stake in KeyCorp during the fourth quarter worth about $27,000. Larson Financial Group LLC increased its holdings in shares of KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after buying an additional 918 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp in the fourth quarter valued at approximately $34,000. Finally, TCTC Holdings LLC boosted its holdings in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 611 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

Insider Activity at KeyCorp

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

KeyCorp Trading Down 2.3 %

NYSE KEY opened at $15.80 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04. The company has a market capitalization of $17.46 billion, a PE ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26. The stock has a 50-day simple moving average of $16.93 and a 200 day simple moving average of $17.42.

KeyCorp declared that its board has authorized a stock buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are typically 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. Investors of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 5.19%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is -273.33%.

Analyst Ratings Changes

Several equities analysts have issued reports on KEY shares. DA Davidson cut their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.50 price target on shares of KeyCorp in a report on Monday, February 3rd. Piper Sandler increased their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Morgan Stanley lowered their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Stephens reiterated an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.42.

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.