KeyCorp (NYSE:KEY) Stake Boosted by Aviva PLC

Aviva PLC increased its position in KeyCorp (NYSE:KEY - Free Report) by 535.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 568,453 shares of the financial services provider's stock after buying an additional 479,054 shares during the period. Aviva PLC owned about 0.06% of KeyCorp worth $9,743,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of 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 period. Charles Schwab Investment Management Inc. boosted its stake in KeyCorp by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider's stock worth $566,626,000 after buying an additional 1,452,179 shares during the last quarter. Geode Capital Management LLC grew its holdings in KeyCorp by 7.6% in the 4th quarter. Geode Capital Management LLC now owns 23,349,979 shares of the financial services provider's stock valued at $399,169,000 after buying an additional 1,647,332 shares during the period. Norges Bank purchased a new position in shares of KeyCorp during the 4th quarter worth about $153,235,000. Finally, Thrivent Financial for Lutherans boosted its position in shares of KeyCorp by 5.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider's stock worth $105,829,000 after acquiring an additional 322,150 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Stephens reaffirmed an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Wells Fargo & Company cut their price objective on KeyCorp from $22.00 to $20.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. DA Davidson decreased their target price on KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, January 22nd. Barclays raised their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Finally, Citigroup decreased their price objective on shares of KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.31.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was 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 of the company's stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.61% of the stock is owned by corporate insiders.

KeyCorp Stock Up 2.1 %

KEY stock traded up $0.29 during mid-day trading on Monday, hitting $14.02. 1,982,730 shares of the company were exchanged, compared to its average volume of 12,985,049. The firm has a fifty day simple moving average of $16.11 and a 200 day simple moving average of $17.22. The company has a market capitalization of $15.36 billion, a PE ratio of -46.73, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. KeyCorp has a twelve month low of $12.73 and a twelve 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.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 5.85%. KeyCorp's dividend payout ratio (DPR) is -273.33%.

KeyCorp announced that its board has authorized a stock repurchase plan on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are 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.