KeyCorp (NYSE:KEY) Shares Purchased by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in KeyCorp (NYSE:KEY) by 4.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,770 shares of the financial services provider’s stock after acquiring an additional 8,728 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in KeyCorp were worth $3,613,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. iA Global Asset Management Inc. grew its position in KeyCorp by 34.9% in the 4th quarter. iA Global Asset Management Inc. now owns 92,192 shares of the financial services provider’s stock valued at $1,580,000 after acquiring an additional 23,871 shares in the last quarter. Magnetar Financial LLC boosted its holdings in KeyCorp by 52.2% in the fourth quarter. Magnetar Financial LLC now owns 213,881 shares of the financial services provider’s stock valued at $3,666,000 after purchasing an additional 73,392 shares in the last quarter. Royal London Asset Management Ltd. boosted its holdings in KeyCorp by 13.0% in the fourth quarter. Royal London Asset Management Ltd. now owns 340,569 shares of the financial services provider’s stock valued at $5,837,000 after purchasing an additional 39,126 shares in the last quarter. Algebris UK Ltd purchased a new stake in KeyCorp in the fourth quarter valued at approximately $11,674,000. Finally, Xponance Inc. lifted its stake in KeyCorp by 1.7% in the fourth quarter. Xponance Inc. now owns 131,476 shares of the financial services provider’s stock valued at $2,253,000 after buying an additional 2,214 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on KEY shares. Barclays boosted their price objective on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Truist Financial lowered their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday. Citigroup raised KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Monday, March 10th. Finally, Keefe, Bruyette & Woods decreased their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.58.

KeyCorp Stock Performance

KeyCorp stock opened at $16.14 on Monday. The stock’s 50-day moving average is $17.08 and its 200-day moving average is $17.41. The company has a market cap of $17.83 billion, a price-to-earnings ratio of -53.78, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. 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 has a 12 month low of $13.11 and a 12 month high of $20.04.

KeyCorp Dividend Announcement

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

KeyCorp announced that its Board of Directors has approved a stock repurchase 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.61% 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.