KeyCorp (NYSE:KEY) Shares Bought by Prospector Partners LLC

Prospector Partners LLC boosted its holdings in KeyCorp (NYSE:KEY) by 38.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 794,640 shares of the financial services provider’s stock after acquiring an additional 219,726 shares during the quarter. KeyCorp comprises about 1.5% of Prospector Partners LLC’s investment portfolio, making the stock its 28th biggest holding. Prospector Partners LLC owned 0.08% of KeyCorp worth $13,620,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of KEY. Principal Financial Group Inc. raised its holdings in shares of KeyCorp by 3.4% in 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 purchasing an additional 36,424 shares in the last quarter. Truist Financial Corp increased its holdings 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 valued at $1,643,000 after buying an additional 20,424 shares in the last quarter. Avanza Fonder AB acquired a new stake in shares of KeyCorp during the 4th quarter valued at $1,618,000. Teachers Retirement System of The State of Kentucky lifted its position in shares of KeyCorp by 1,974.1% during the 3rd 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 acquiring an additional 1,467,351 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of KeyCorp during the 4th quarter worth $1,519,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on KEY shares. Barclays upped their target price on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Wells Fargo & Company reduced their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Keefe, Bruyette & Woods cut their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. DA Davidson lowered their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Finally, Morgan Stanley reduced their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.31.

Insider Activity

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, with a total value of $892,500.00. Following the acquisition, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.61% of the stock is owned by company insiders.

KeyCorp Trading Down 4.7 %

Shares of KeyCorp stock opened at $13.45 on Friday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company’s fifty day simple moving average is $16.67 and its 200-day simple moving average is $17.37. The company has a market cap of $14.74 billion, a price-to-earnings ratio of -44.83, a PEG ratio of 0.65 and a beta of 1.06. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders 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 6.10%. KeyCorp’s payout ratio is -273.33%.

KeyCorp declared that its Board of Directors has approved a share repurchase 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 usually a sign that the company’s management believes its stock is undervalued.

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.