DnB Asset Management AS Trims Holdings in KeyCorp (NYSE:KEY)

DnB Asset Management AS lessened its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 78.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,325 shares of the financial services provider's stock after selling 579,726 shares during the period. DnB Asset Management AS's holdings in KeyCorp were worth $2,799,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Whittier Trust Co. raised its position in shares of KeyCorp by 110.3% during 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 period. Ethos Financial Group LLC purchased a new stake in KeyCorp in the fourth quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new position in shares of KeyCorp in the 4th quarter valued at $34,000. TCTC Holdings LLC grew its holdings in shares of KeyCorp by 38.6% during the 4th 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 period. Finally, Whipplewood Advisors LLC acquired a new stake in shares of KeyCorp during the 4th quarter worth about $45,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of KEY traded up $0.28 during trading hours on Wednesday, reaching $16.08. The company had a trading volume of 12,579,278 shares, compared to its average volume of 12,607,979. 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 has a 12-month low of $13.11 and a 12-month high of $20.04. The firm has a 50 day simple moving average of $16.85 and a 200-day simple moving average of $17.42. The company has a market capitalization of $17.77 billion, a price-to-earnings ratio of -53.60, a PEG ratio of 0.65 and a beta of 1.26.

Remove Ads

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

KeyCorp Dividend Announcement

The business 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 5.10%. KeyCorp's dividend payout ratio (DPR) is presently -273.33%.

Insider Activity

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.61% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on KEY shares. Keefe, Bruyette & Woods reduced their price target on shares of KeyCorp from $22.00 to $21.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 22nd. Truist Financial lowered their price target on KeyCorp from $19.00 to $18.00 and set a "hold" rating for the company in a research report on Friday, March 21st. Morgan Stanley cut their price objective on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Wells Fargo & Company cut their price target on shares of KeyCorp from $22.00 to $20.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Finally, Stephens reissued an "overweight" rating and issued a $20.00 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 assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $19.42.

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.