KeyCorp (NYSE:KEY) Shares Acquired by Advisory Services Network LLC

Advisory Services Network LLC boosted its holdings in KeyCorp (NYSE:KEY) by 4.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 91,510 shares of the financial services provider’s stock after acquiring an additional 3,781 shares during the period. Advisory Services Network LLC’s holdings in KeyCorp were worth $1,568,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of KeyCorp in the fourth quarter worth $153,235,000. Vanguard Group Inc. raised its stake in KeyCorp by 7.1% in 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 last quarter. FMR LLC raised its stake in KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock valued at $761,556,000 after purchasing an additional 2,938,405 shares during the last quarter. Raymond James Financial Inc. purchased a new position in KeyCorp in the 4th quarter valued at about $42,827,000. Finally, Victory Capital Management Inc. boosted its stake in shares of KeyCorp by 57.0% during 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 purchasing an additional 2,157,901 shares during 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 bought 50,000 shares of the company’s stock in a transaction that occurred on 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 acquisition, the director now 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 purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.67% of the stock is owned by corporate insiders.

KeyCorp Trading Down 0.3 %

NYSE KEY opened at $13.71 on Friday. The firm has a market capitalization of $15.02 billion, a price-to-earnings ratio of -45.68, a PEG 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 has a one year low of $12.73 and a one year high of $20.04. The company’s 50 day moving average price is $16.11 and its 200 day moving average price is $17.22.

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

KeyCorp Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.98%. KeyCorp’s payout ratio is -273.33%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KEY. Morgan Stanley reduced their price objective 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. JPMorgan Chase & Co. reduced their price target on KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Wells Fargo & Company decreased their price objective on KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Stephens reiterated an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Citigroup decreased their price target on KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

About KeyCorp

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.