Bank of Montreal Can Sells 1,136,671 Shares of KeyCorp (NYSE:KEY)

Bank of Montreal Can trimmed its position in KeyCorp (NYSE:KEY - Free Report) by 22.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,040,901 shares of the financial services provider's stock after selling 1,136,671 shares during the period. Bank of Montreal Can owned 0.41% of KeyCorp worth $69,261,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in KEY. HighTower Advisors LLC increased its stake in KeyCorp by 9.2% in the 3rd quarter. HighTower Advisors LLC now owns 202,681 shares of the financial services provider's stock worth $3,391,000 after acquiring an additional 17,140 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of KeyCorp by 22.3% during the third quarter. Janus Henderson Group PLC now owns 106,013 shares of the financial services provider's stock worth $1,776,000 after purchasing an additional 19,300 shares in the last quarter. IHT Wealth Management LLC increased its position in shares of KeyCorp by 65.5% in the third quarter. IHT Wealth Management LLC now owns 21,004 shares of the financial services provider's stock worth $348,000 after purchasing an additional 8,316 shares during the last quarter. Quantinno Capital Management LP raised its stake in KeyCorp by 8.8% in the third quarter. Quantinno Capital Management LP now owns 207,262 shares of the financial services provider's stock valued at $3,472,000 after purchasing an additional 16,744 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in KeyCorp by 142.2% during the third quarter. National Bank of Canada FI now owns 835,268 shares of the financial services provider's stock valued at $13,991,000 after purchasing an additional 490,372 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

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KeyCorp Trading Up 1.7 %

NYSE:KEY traded up $0.24 during trading hours on Monday, hitting $13.97. The company had a trading volume of 3,483,922 shares, compared to its average volume of 12,991,206. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a 50-day moving average price of $16.11 and a 200 day moving average price of $17.22. The company has a market capitalization of $15.31 billion, a PE ratio of -46.57, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 5.87%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's dividend payout ratio is currently -273.33%.

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

Analyst Upgrades and Downgrades

KEY has been the topic of several research reports. Stephens restated an "overweight" rating and set a $20.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. DA Davidson dropped their price target on KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, January 22nd. Morgan Stanley reduced their price objective on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Barclays boosted their target price on KeyCorp from $19.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods cut their target price on KeyCorp from $22.00 to $21.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.31.

Insider Buying and Selling

In other news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp 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 acquisition, the director now owns 162,983,726 shares of the company's stock, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.61% of the stock is owned by insiders.

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.