Summit Global Investments Buys New Position in KeyCorp (NYSE:KEY)

Summit Global Investments bought a new stake in shares of KeyCorp (NYSE:KEY) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 59,658 shares of the financial services provider’s stock, valued at approximately $1,023,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KEY. OneDigital Investment Advisors LLC raised its holdings in shares of KeyCorp by 15.5% during the third quarter. OneDigital Investment Advisors LLC now owns 16,772 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 2,256 shares in the last quarter. Pathstone Holdings LLC grew its stake in KeyCorp by 1.2% in the third quarter. Pathstone Holdings LLC now owns 205,485 shares of the financial services provider’s stock worth $3,442,000 after purchasing an additional 2,477 shares during the period. Caprock Group LLC purchased a new stake in KeyCorp in the third quarter worth $354,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in KeyCorp in the third quarter worth $582,000. Finally, Raymond James Trust N.A. grew its stake in KeyCorp by 54.9% in the third quarter. Raymond James Trust N.A. now owns 46,721 shares of the financial services provider’s stock worth $783,000 after purchasing an additional 16,566 shares during the period. Institutional investors own 79.69% of the company’s stock.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average price 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 of the company’s stock, valued at $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.61% of the stock is owned by corporate insiders.

KeyCorp Trading Up 0.3 %

Shares of NYSE:KEY opened at $16.14 on Friday. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The stock’s fifty day moving average price is $17.08 and its 200-day moving average price is $17.40. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $17.83 billion, a P/E ratio of -53.78, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp declared that its board has authorized a share buyback plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Announces Dividend

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

Analysts Set New Price Targets

KEY has been the topic of several recent research reports. Stephens reaffirmed an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.50 price target on shares of KeyCorp in a research note on Monday, February 3rd. Citigroup raised KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Monday, March 10th. The Goldman Sachs Group increased their target price on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Barclays increased their target price on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.58.

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.