Bank of Montreal Can Sells 1,136,671 Shares of KeyCorp (NYSE:KEY)

Bank of Montreal Can lowered its stake in KeyCorp (NYSE:KEY) by 22.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,040,901 shares of the financial services provider’s stock after selling 1,136,671 shares during the quarter. Bank of Montreal Can owned about 0.41% of KeyCorp worth $69,261,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in KEY. Norges Bank purchased a new stake in KeyCorp in the 4th quarter worth approximately $153,235,000. Vanguard Group Inc. raised its position in shares of KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the period. FMR LLC lifted its stake in shares of KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock valued at $761,556,000 after buying an additional 2,938,405 shares in the last quarter. Raymond James Financial Inc. bought a new position in KeyCorp in the 4th quarter worth $42,827,000. Finally, Victory Capital Management Inc. increased its stake in KeyCorp by 57.0% in the 4th quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock worth $101,916,000 after buying an additional 2,157,901 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on KEY. Stephens restated an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. DA Davidson lowered their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. cut their price objective on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Barclays boosted their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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 that occurred on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.67% of the company’s stock.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $13.18 on Wednesday. The stock has a 50 day moving average price of $16.41 and a 200-day moving average price of $17.29. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The stock has a market cap of $14.44 billion, a price-to-earnings ratio of -43.92, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 6.22%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

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