Salzhauer Michael Reduces Position in KeyCorp (NYSE:KEY)

Salzhauer Michael reduced its holdings in KeyCorp (NYSE:KEY) by 42.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,848 shares of the financial services provider’s stock after selling 55,500 shares during the period. Salzhauer Michael’s holdings in KeyCorp were worth $1,283,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of KeyCorp by 7.1% in the fourth 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 increased its stake in shares of KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after acquiring an additional 2,938,405 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock valued at $566,626,000 after acquiring an additional 1,452,179 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of KeyCorp by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 23,349,979 shares of the financial services provider’s stock valued at $399,169,000 after purchasing an additional 1,647,332 shares during the period. Finally, Invesco Ltd. increased its position in KeyCorp by 2.9% during the fourth quarter. Invesco Ltd. now owns 17,260,508 shares of the financial services provider’s stock worth $295,845,000 after purchasing an additional 479,604 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the transaction, the director now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is currently owned by company insiders.

KeyCorp Stock Performance

Shares of KEY stock opened at $14.08 on Thursday. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The firm has a 50 day moving average of $15.88 and a two-hundred day moving average of $17.16. 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 stock has a market capitalization of $15.43 billion, a PE ratio of -46.93, a P/E/G ratio of 0.65 and a beta of 1.06.

KeyCorp declared that its Board of Directors has initiated a share repurchase program on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on KEY shares. Royal Bank of Canada reissued an “outperform” rating on shares of KeyCorp in a research note on Thursday. Truist Financial lowered their price objective on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Barclays lifted their target price on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Wells Fargo & Company reiterated an “overweight” rating on shares of KeyCorp in a report on Thursday. Finally, DA Davidson reduced their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.31.

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.