KeyCorp (NYSE:KEY) Shares Purchased by Summit Financial LLC

Summit Financial LLC raised its holdings in shares of KeyCorp (NYSE:KEY) by 51.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,315 shares of the financial services provider’s stock after purchasing an additional 5,179 shares during the period. Summit Financial LLC’s holdings in KeyCorp were worth $262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of KEY. Benjamin Edwards Inc. acquired a new stake in shares of KeyCorp during the 3rd quarter worth approximately $406,000. Hilltop Holdings Inc. bought a new position in KeyCorp during the 3rd quarter worth $393,000. HighTower Advisors LLC grew its stake in KeyCorp by 9.2% during the 3rd quarter. HighTower Advisors LLC now owns 202,681 shares of the financial services provider’s stock worth $3,391,000 after buying an additional 17,140 shares during the last quarter. Janus Henderson Group PLC lifted its stake in KeyCorp by 22.3% in the third quarter. Janus Henderson Group PLC now owns 106,013 shares of the financial services provider’s stock valued at $1,776,000 after buying an additional 19,300 shares during the last quarter. Finally, Investment Management Corp of Ontario boosted its holdings in shares of KeyCorp by 51.4% during the third quarter. Investment Management Corp of Ontario now owns 31,222 shares of the financial services provider’s stock valued at $523,000 after acquiring an additional 10,600 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Performance

Shares of KEY opened at $13.45 on Friday. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The stock has a market capitalization of $14.74 billion, a P/E ratio of -44.83, a P/E/G ratio of 0.65 and a beta of 1.06. The firm’s 50 day moving average is $16.67 and its 200-day moving average is $17.36. 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 announced that its board has initiated a stock buyback program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 6.10%. KeyCorp’s dividend payout ratio is currently -273.33%.

Insider Activity

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the business’s 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 of the company’s stock, valued at approximately $2,909,259,509.10. This trade 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 at this link. Insiders own 0.61% of the company’s stock.

Analyst Ratings Changes

KEY has been the topic of a number of analyst reports. Truist Financial dropped their price objective 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 dropped their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Morgan Stanley reduced their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. DA Davidson decreased their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company cut their target price on KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus price target of $19.31.

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.