KLP Kapitalforvaltning AS Invests $5.74 Million in KeyCorp (NYSE:KEY)

KLP Kapitalforvaltning AS purchased a new stake in shares of KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 334,762 shares of the financial services provider’s stock, valued at approximately $5,738,000.

Other institutional investors also recently added to or reduced their stakes in the company. Whittier Trust Co. grew 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 valued at $26,000 after acquiring an additional 800 shares during the period. Ethos Financial Group LLC purchased a new position in KeyCorp in the fourth quarter valued at approximately $27,000. Larson Financial Group LLC grew its holdings in KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 918 shares during the period. SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the fourth quarter worth $34,000. Finally, TCTC Holdings LLC raised its stake in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after buying an additional 611 shares during the period. Institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

KEY has been the subject of several recent research reports. Piper Sandler lifted their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a research note on Monday, February 3rd. Morgan Stanley dropped their price target on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. The Goldman Sachs Group lifted their price objective on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Truist Financial dropped their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.53.

KeyCorp Trading Up 0.1 %

Shares of KeyCorp stock opened at $16.58 on Wednesday. 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 firm has a market cap of $18.32 billion, a PE ratio of -55.26, a PEG ratio of 0.65 and a beta of 1.26. The company has a 50 day simple moving average of $17.05 and a two-hundred day simple moving average of $17.42.

KeyCorp Dividend Announcement

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. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio is currently -273.33%.

KeyCorp declared that its board has approved a stock repurchase 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

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

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.