Algebris UK Ltd Acquires New Holdings in KeyCorp (NYSE:KEY)

Algebris UK Ltd purchased a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 705,223 shares of the financial services provider's stock, valued at approximately $11,674,000. KeyCorp makes up approximately 3.0% of Algebris UK Ltd's holdings, making the stock its 15th largest holding. Algebris UK Ltd owned about 0.07% of KeyCorp as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of KEY. OneDigital Investment Advisors LLC boosted its stake in KeyCorp by 15.5% during the third quarter. OneDigital Investment Advisors LLC now owns 16,772 shares of the financial services provider's stock worth $281,000 after buying an additional 2,256 shares in the last quarter. CIBC Asset Management Inc boosted its stake in KeyCorp by 7.0% during the third quarter. CIBC Asset Management Inc now owns 135,492 shares of the financial services provider's stock worth $2,269,000 after buying an additional 8,901 shares in the last quarter. Natixis Advisors LLC boosted its stake in KeyCorp by 17.9% during the third quarter. Natixis Advisors LLC now owns 689,469 shares of the financial services provider's stock worth $11,549,000 after buying an additional 104,689 shares in the last quarter. Meeder Advisory Services Inc. boosted its stake in shares of KeyCorp by 18.4% in the 3rd quarter. Meeder Advisory Services Inc. now owns 36,753 shares of the financial services provider's stock valued at $616,000 after purchasing an additional 5,703 shares in the last quarter. Finally, New England Asset Management Inc. boosted its stake in shares of KeyCorp by 0.8% in the 3rd quarter. New England Asset Management Inc. now owns 562,160 shares of the financial services provider's stock valued at $9,416,000 after purchasing an additional 4,615 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

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KeyCorp Trading Up 0.3 %

NYSE:KEY traded up $0.05 on Friday, hitting $16.14. 57,103,933 shares of the stock were exchanged, compared to its average volume of 12,081,629. The stock has a market capitalization of $17.83 billion, a price-to-earnings ratio of -53.78, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The company's 50-day moving average price is $17.08 and its 200 day moving average price is $17.41.

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 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 yield of 5.08%. KeyCorp's dividend payout ratio is currently -273.33%.

KeyCorp announced that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on KEY. Truist Financial reduced their target price on shares of KeyCorp from $19.00 to $18.00 and set a "hold" rating on the stock in a research note on Friday. DA Davidson reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. restated a "neutral" rating and issued a $18.50 target price on shares of KeyCorp in a research note on Monday, February 3rd. Royal Bank of Canada restated an "outperform" rating and issued a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Barclays boosted their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $19.58.

Insiders Place Their Bets

In related news, Director Of Nova Scotia Bank purchased 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 in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.61% of the company's stock.

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.