KeyCorp (NYSE:KEY) Shares Acquired by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co boosted its position in KeyCorp (NYSE:KEY) by 4.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 87,089 shares of the financial services provider’s stock after purchasing an additional 3,339 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in KeyCorp were worth $1,493,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KEY. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in KeyCorp by 14.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,507,992 shares of the financial services provider’s stock valued at $26,073,000 after buying an additional 186,288 shares in the last quarter. Tyler Stone Wealth Management boosted its position in shares of KeyCorp by 6.3% during the 4th quarter. Tyler Stone Wealth Management now owns 176,237 shares of the financial services provider’s stock valued at $3,021,000 after purchasing an additional 10,488 shares in the last quarter. Ausdal Financial Partners Inc. acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $190,000. Potentia Wealth bought a new stake in shares of KeyCorp in the 4th quarter worth approximately $377,000. Finally, PKS Advisory Services LLC acquired a new stake in KeyCorp during the fourth quarter valued at approximately $214,000. 79.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on KEY shares. Piper Sandler upped their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $18.50 target price on shares of KeyCorp in a report on Monday, February 3rd. Stephens reissued an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Morgan Stanley reduced 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.42.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of KeyCorp stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

KeyCorp Price Performance

KEY opened at $15.80 on Friday. The stock has a fifty day moving average price of $16.93 and a 200 day moving average price of $17.41. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The stock has a market cap of $17.46 billion, a price-to-earnings ratio of -52.65, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp Announces Dividend

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 of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.19%. KeyCorp’s payout ratio is -273.33%.

KeyCorp announced that its Board of Directors has authorized a share repurchase program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.