Polymer Capital Management US LLC Acquires New Position in KeyCorp (NYSE:KEY)

Polymer Capital Management US LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 18,732 shares of the financial services provider’s stock, valued at approximately $321,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cerity Partners LLC grew its stake in KeyCorp by 38.6% during the 4th quarter. Cerity Partners LLC now owns 270,994 shares of the financial services provider’s stock worth $4,619,000 after purchasing an additional 75,538 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. boosted its stake in shares of KeyCorp by 8.7% in the 4th quarter. Elizabeth Park Capital Advisors Ltd. now owns 188,000 shares of the financial services provider’s stock valued at $3,222,000 after buying an additional 15,000 shares during the period. FMR LLC grew its position in shares of KeyCorp by 7.1% during the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after buying an additional 2,938,405 shares in the last quarter. Prospector Partners LLC increased its stake in shares of KeyCorp by 38.2% during the fourth quarter. Prospector Partners LLC now owns 794,640 shares of the financial services provider’s stock worth $13,620,000 after buying an additional 219,726 shares during the period. Finally, Federated Hermes Inc. raised its holdings in KeyCorp by 267.5% in the fourth quarter. Federated Hermes Inc. now owns 11,052 shares of the financial services provider’s stock valued at $189,000 after acquiring an additional 8,045 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Up 0.1 %

KeyCorp stock opened at $13.49 on Tuesday. The stock has a 50 day moving average of $16.59 and a two-hundred day moving average of $17.35. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The stock has a market capitalization of $14.78 billion, a price-to-earnings ratio of -44.95, a PEG ratio of 0.65 and a beta of 1.06. 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 announced that its board has approved a stock repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 6.08%. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

Insider Buying and Selling at KeyCorp

In other 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 stock was 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. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

KEY has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price objective on KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. DA Davidson cut their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Finally, Morgan Stanley decreased their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Seven research 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.