Mitsubishi UFJ Asset Management Co. Ltd. Has $26.07 Million Stake in KeyCorp (NYSE:KEY)

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in KeyCorp (NYSE:KEY) by 14.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,507,992 shares of the financial services provider’s stock after purchasing an additional 186,288 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in KeyCorp were worth $26,073,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on KEY shares. Citigroup cut their price target on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Piper Sandler upped their target price on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Morgan Stanley reduced their price target on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Stephens reaffirmed an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, Barclays increased their price objective on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $19.42.

KeyCorp Trading Down 2.3 %

Shares of NYSE:KEY opened at $15.80 on Monday. KeyCorp has a 12-month low of $13.11 and a 12-month high of $20.04. The business has a 50 day moving average of $16.93 and a 200-day moving average of $17.42. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock has a market cap of $17.46 billion, a PE ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp Dividend Announcement

The company also recently disclosed 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. This represents a $0.82 annualized dividend and a yield of 5.19%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is -273.33%.

KeyCorp declared that its board has approved a share buyback program 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 reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the transaction, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.