Generali Asset Management SPA SGR Invests $106,000 in KeyCorp (NYSE:KEY)

Generali Asset Management SPA SGR acquired a new position in shares of KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,179 shares of the financial services provider’s stock, valued at approximately $106,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of KeyCorp by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after purchasing an additional 1,452,179 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in KeyCorp by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock worth $119,170,000 after buying an additional 222,187 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in KeyCorp by 5.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider’s stock worth $105,829,000 after buying an additional 322,150 shares during the last quarter. Victory Capital Management Inc. lifted its position 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 during the last quarter. Finally, Azora Capital LP bought a new stake in KeyCorp in the 3rd quarter worth approximately $92,413,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Truist Financial dropped their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday. Morgan Stanley dropped their target price 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 issued a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Barclays boosted their target price on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus price target of $19.58.

Insider Buying and Selling

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.61% of the stock is owned by insiders.

KeyCorp Price Performance

KEY opened at $16.14 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. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The stock has a market capitalization of $17.83 billion, a PE ratio of -53.78, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The stock’s 50 day moving average price is $17.08 and its 200-day moving average price is $17.40.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.08%. KeyCorp’s payout ratio is -273.33%.

KeyCorp announced that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.