Franklin Resources Inc. Trims Position in KeyCorp (NYSE:KEY)

Franklin Resources Inc. cut its holdings in KeyCorp (NYSE:KEY - Free Report) by 8.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 377,840 shares of the financial services provider's stock after selling 35,171 shares during the quarter. Franklin Resources Inc.'s holdings in KeyCorp were worth $6,476,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of KeyCorp in the 4th quarter worth $153,235,000. Vanguard Group Inc. grew its stake in KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in KeyCorp in the fourth quarter valued at approximately $42,827,000. Victory Capital Management Inc. boosted its holdings in shares of KeyCorp by 57.0% in the 4th quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider's stock valued at $101,916,000 after acquiring an additional 2,157,901 shares during the last quarter. Finally, National Pension Service grew its position in KeyCorp by 1,124.8% during the 4th quarter. National Pension Service now owns 1,679,582 shares of the financial services provider's stock worth $28,788,000 after purchasing an additional 1,542,456 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

KEY has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed an "outperform" rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Wells Fargo & Company decreased their target price on KeyCorp from $22.00 to $20.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Baird R W upgraded shares of KeyCorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. JPMorgan Chase & Co. cut their target price on KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, Stephens reaffirmed an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.31.

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Insider Activity at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now directly 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

KeyCorp Stock Up 2.5 %

Shares of NYSE KEY traded up $0.35 during mid-day trading on Tuesday, hitting $14.41. The company had a trading volume of 4,439,751 shares, compared to its average volume of 13,016,853. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a market capitalization of $15.79 billion, a PE ratio of -47.98, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. 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 business's 50-day simple moving average is $16.03 and its 200 day simple moving average is $17.20.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 5.69%. The ex-dividend date was Tuesday, March 4th. KeyCorp's dividend payout ratio (DPR) is presently -273.33%.

KeyCorp announced that its Board of Directors has authorized a share buyback plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management 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.