1ST Source Bank Reduces Stock Position in KeyCorp (NYSE:KEY)

1ST Source Bank cut its stake in KeyCorp (NYSE:KEY) by 10.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,638 shares of the financial services provider’s stock after selling 3,262 shares during the period. 1ST Source Bank’s holdings in KeyCorp were worth $474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in KEY. Azora Capital LP purchased a new stake in shares of KeyCorp in the third quarter valued at approximately $92,413,000. Thrivent Financial for Lutherans grew its position in shares of KeyCorp by 108.3% in the third quarter. Thrivent Financial for Lutherans now owns 5,852,233 shares of the financial services provider’s stock valued at $98,025,000 after purchasing an additional 3,042,060 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of KeyCorp by 164.9% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,660,680 shares of the financial services provider’s stock valued at $78,066,000 after purchasing an additional 2,900,971 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of KeyCorp in the fourth quarter valued at approximately $42,827,000. Finally, Victory Capital Management Inc. grew its position in shares of KeyCorp by 57.0% in the fourth quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock valued at $101,916,000 after purchasing an additional 2,157,901 shares in the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on KEY shares. The Goldman Sachs Group increased their price objective on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Morgan Stanley lowered their price target 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. Stephens restated an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Piper Sandler raised their price target on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, DA Davidson reduced their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.64.

KeyCorp Stock Up 0.8 %

KEY opened at $15.81 on Tuesday. The business’s 50-day simple moving average is $17.16 and its 200-day simple moving average is $17.43. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The stock has a market capitalization of $17.47 billion, a P/E ratio of -52.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its Board of Directors has authorized a share buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors 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 5.19%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio is currently -273.33%.

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.