Bryce Point Capital LLC Buys Shares of 29,613 KeyCorp (NYSE:KEY)

Bryce Point Capital LLC bought a new stake in KeyCorp (NYSE:KEY - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 29,613 shares of the financial services provider's stock, valued at approximately $508,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Huntington National Bank raised its holdings in KeyCorp by 7.0% during the fourth quarter. Huntington National Bank now owns 88,352 shares of the financial services provider's stock worth $1,514,000 after purchasing an additional 5,815 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in KeyCorp by 17.5% in the 4th quarter. Meeder Advisory Services Inc. now owns 43,173 shares of the financial services provider's stock valued at $740,000 after acquiring an additional 6,420 shares during the last quarter. Headlands Technologies LLC purchased a new stake in KeyCorp in the 4th quarter valued at approximately $400,000. Geode Capital Management LLC increased its position in KeyCorp by 7.6% during the 4th quarter. Geode Capital Management LLC now owns 23,349,979 shares of the financial services provider's stock worth $399,169,000 after purchasing an additional 1,647,332 shares in the last quarter. Finally, StoneX Group Inc. lifted its stake in shares of KeyCorp by 20.8% during the fourth quarter. StoneX Group Inc. now owns 129,832 shares of the financial services provider's stock valued at $2,225,000 after buying an additional 22,366 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Performance

KEY stock traded down $0.67 during trading on Friday, hitting $13.45. 23,356,702 shares of the company's stock traded hands, compared to its average volume of 12,715,053. The stock has a fifty day moving average price of $16.67 and a two-hundred day moving average price of $17.38. 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 has a 52 week low of $12.73 and a 52 week high of $20.04. The stock has a market capitalization of $14.74 billion, a price-to-earnings ratio of -44.83, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06.

Remove Ads

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

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 6.10%. KeyCorp's dividend payout ratio is currently -273.33%.

Insider Activity

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of KeyCorp stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired 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 of the company's stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.61% of the company's stock.

Analyst Ratings Changes

KEY has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a report on Thursday. Stephens restated an "overweight" rating and set a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley cut their target price 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. Citigroup dropped their price target on KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.31.

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.