KeyCorp (NYSE:KEY) Shares Acquired by NEOS Investment Management LLC

NEOS Investment Management LLC lifted its stake in shares of KeyCorp (NYSE:KEY) by 31.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,950 shares of the financial services provider’s stock after purchasing an additional 13,690 shares during the quarter. NEOS Investment Management LLC’s holdings in KeyCorp were worth $976,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Whittier Trust Co. raised its position in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after buying an additional 800 shares during the last quarter. Ethos Financial Group LLC purchased a new position in KeyCorp during the fourth quarter worth about $27,000. Larson Financial Group LLC lifted its position in KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 918 shares during the period. SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the 4th quarter valued at approximately $34,000. Finally, TCTC Holdings LLC raised its stake in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after buying an additional 611 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on KEY shares. Stephens reaffirmed an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley reduced their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. DA Davidson lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $18.50 price target on shares of KeyCorp in a research note on Monday, February 3rd. Finally, Keefe, Bruyette & Woods dropped 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. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of “Moderate Buy” and an average price target of $19.42.

Insider Buying and Selling

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $15.80 on Friday. The company has a market cap of $17.46 billion, a P/E ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26. The business has a fifty day simple moving average of $16.93 and a 200-day simple moving average of $17.41. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were issued 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 5.19%. KeyCorp’s payout ratio is currently -273.33%.

KeyCorp declared that its board has approved a share repurchase program on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

About KeyCorp

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.