LSV Asset Management Decreases Stake in KeyCorp (NYSE:KEY)

LSV Asset Management decreased its position in KeyCorp (NYSE:KEY) by 30.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,031,300 shares of the financial services provider’s stock after selling 452,625 shares during the quarter. LSV Asset Management owned 0.10% of KeyCorp worth $17,676,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC boosted its holdings in KeyCorp by 7.2% in the third quarter. Orion Portfolio Solutions LLC now owns 55,927 shares of the financial services provider’s stock valued at $937,000 after purchasing an additional 3,764 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in shares of KeyCorp by 9.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 303,859 shares of the financial services provider’s stock valued at $5,090,000 after buying an additional 25,656 shares during the last quarter. M&T Bank Corp lifted its position in KeyCorp by 2.1% in the third quarter. M&T Bank Corp now owns 43,507 shares of the financial services provider’s stock valued at $729,000 after acquiring an additional 887 shares during the last quarter. Coldstream Capital Management Inc. boosted its stake in KeyCorp by 3.9% in the third quarter. Coldstream Capital Management Inc. now owns 37,402 shares of the financial services provider’s stock valued at $629,000 after acquiring an additional 1,404 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in KeyCorp by 68.7% in the third quarter. Toronto Dominion Bank now owns 460,441 shares of the financial services provider’s stock valued at $7,712,000 after acquiring an additional 187,587 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Citigroup reduced their target price on KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 24th. Keefe, Bruyette & Woods reduced their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Wells Fargo & Company lowered their target price on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Baird R W upgraded shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

KeyCorp Stock Down 0.3 %

KeyCorp stock opened at $13.71 on Friday. The stock’s 50 day moving average price is $16.11 and its 200 day moving average price is $17.22. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a market cap of $15.02 billion, a PE ratio of -45.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.98%. KeyCorp’s payout ratio is currently -273.33%.

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

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm’s stock in a transaction that occurred on 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 acquisition, the director now owns 162,983,726 shares in the company, valued at approximately $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 SEC, which is available through this hyperlink. Corporate insiders own 0.67% of the company’s stock.

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.