Fmr LLC Raises Position in KeyCorp (NYSE:KEY)

FMR LLC lifted its holdings in KeyCorp (NYSE:KEY - Free Report) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,431,526 shares of the financial services provider's stock after buying an additional 2,938,405 shares during the quarter. FMR LLC owned 4.48% of KeyCorp worth $761,556,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KEY. Whittier Trust Co. boosted 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 worth $26,000 after purchasing an additional 800 shares in the last quarter. Ethos Financial Group LLC acquired a new position in KeyCorp during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. purchased a new position in KeyCorp in the fourth quarter valued at about $34,000. TCTC Holdings LLC lifted its position 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 valued at $38,000 after acquiring an additional 611 shares during the period. Finally, Whipplewood Advisors LLC purchased a new stake in shares of KeyCorp during the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Trading Down 0.3 %

Shares of KEY stock traded down $0.04 during trading hours on Friday, hitting $13.71. 15,718,525 shares of the company were exchanged, compared to its average volume of 13,026,608. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The firm has a fifty day moving average of $16.11 and a 200 day moving average of $17.22. The firm has a market cap of $15.02 billion, a PE ratio of -45.68, a PEG ratio of 0.65 and a beta of 1.06. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

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KeyCorp Dividend Announcement

The business also recently declared 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 dividend yield of 5.98%. KeyCorp's dividend payout ratio (DPR) is presently -273.33%.

KeyCorp declared that its board has authorized a stock buyback plan on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding 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 generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently issued reports on KEY. Citigroup cut 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. 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 report on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price objective on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. DA Davidson reduced their target price on KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, January 22nd. Finally, Morgan Stanley dropped their price target on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $19.31.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is owned by insiders.

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.