Premier Fund Managers Ltd Acquires 125,700 Shares of KeyCorp (NYSE:KEY)

Premier Fund Managers Ltd lifted its holdings in shares of KeyCorp (NYSE:KEY) by 30.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 544,200 shares of the financial services provider’s stock after purchasing an additional 125,700 shares during the quarter. Premier Fund Managers Ltd’s holdings in KeyCorp were worth $9,308,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of KeyCorp by 4.6% in the fourth 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 period. Norges Bank acquired a new position in shares of KeyCorp in the fourth quarter valued at about $153,235,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in KeyCorp by 3.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock worth $119,170,000 after acquiring an additional 222,187 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in KeyCorp by 5.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider’s stock worth $105,829,000 after purchasing an additional 322,150 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Truist Financial dropped their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Stephens reissued an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Citigroup cut their price objective on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Monday. DA Davidson decreased their target price 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. Finally, Piper Sandler increased their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus target price of $19.53.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.61% of the stock is owned by company insiders.

KeyCorp Stock Performance

Shares of KEY stock opened at $16.16 on Friday. The business’s 50-day moving average price is $16.98 and its 200-day moving average price is $17.40. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $17.85 billion, a price-to-earnings ratio of -53.85, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.08%. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

KeyCorp declared that its Board of Directors has approved a share repurchase plan 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 reacquire up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.