PGGM Investments Boosts Position in KeyCorp (NYSE:KEY)

PGGM Investments increased its holdings in shares of KeyCorp (NYSE:KEY) by 30.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,960 shares of the financial services provider’s stock after purchasing an additional 4,657 shares during the quarter. PGGM Investments’ holdings in KeyCorp were worth $342,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Modera Wealth Management LLC lifted its stake in KeyCorp by 3.9% in the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after buying an additional 627 shares during the last quarter. Ballentine Partners LLC lifted its stake in KeyCorp by 5.7% in the fourth quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock valued at $220,000 after buying an additional 692 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in KeyCorp by 0.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider’s stock valued at $3,008,000 after buying an additional 695 shares during the last quarter. Proactive Wealth Strategies LLC lifted its stake in KeyCorp by 4.1% in the fourth quarter. Proactive Wealth Strategies LLC now owns 17,886 shares of the financial services provider’s stock valued at $307,000 after buying an additional 699 shares during the last quarter. Finally, Empirical Finance LLC lifted its stake in KeyCorp by 2.2% in the third quarter. Empirical Finance LLC now owns 32,361 shares of the financial services provider’s stock valued at $542,000 after buying an additional 705 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Up 3.5 %

KeyCorp stock opened at $15.68 on Friday. 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 capitalization of $17.32 billion, a price-to-earnings ratio of -52.25, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The stock’s fifty day moving average is $17.19 and its two-hundred day moving average is $17.43.

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

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 5.23%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction 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 $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.61% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on KEY shares. Piper Sandler boosted their price objective on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Truist Financial assumed coverage on KeyCorp in a report on Tuesday, January 7th. They issued a “hold” rating and a $19.00 target price on the stock. Wells Fargo & Company boosted their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods dropped their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Finally, DA Davidson dropped their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Eight 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 stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.