iA Global Asset Management Inc. Raises Holdings in KeyCorp (NYSE:KEY)

iA Global Asset Management Inc. lifted its holdings in shares of KeyCorp (NYSE:KEY) by 34.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,192 shares of the financial services provider’s stock after purchasing an additional 23,871 shares during the period. iA Global Asset Management Inc.’s holdings in KeyCorp were worth $1,580,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of KEY. Ethos Financial Group LLC purchased a new stake in KeyCorp in the 4th quarter worth approximately $27,000. Larson Financial Group LLC grew its stake in KeyCorp by 90.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 918 shares during the period. SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the 4th quarter worth approximately $34,000. TCTC Holdings LLC grew its stake in KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 611 shares during the period. Finally, Whipplewood Advisors LLC purchased a new stake in KeyCorp in the 4th quarter worth approximately $45,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KEY has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Morgan Stanley lowered their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Barclays boosted their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.58.

KeyCorp Stock Performance

Shares of KEY opened at $16.14 on Friday. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The firm has a market cap of $17.83 billion, a price-to-earnings ratio of -53.78, a PEG ratio of 0.65 and a beta of 1.26. The business’s 50 day moving average is $17.08 and its two-hundred day moving average is $17.40.

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 $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 dividend payout ratio is presently -273.33%.

KeyCorp announced that its Board of Directors has authorized a share buyback 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 repurchase up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at KeyCorp

In related 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 purchased at an average cost 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 of the company’s stock, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.61% of the stock is currently owned by corporate 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.