Invesco Ltd. Buys 479,604 Shares of KeyCorp (NYSE:KEY)

Invesco Ltd. increased its stake in KeyCorp (NYSE:KEY - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 17,260,508 shares of the financial services provider's stock after purchasing an additional 479,604 shares during the quarter. Invesco Ltd. owned approximately 1.74% of KeyCorp worth $295,845,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Whittier Trust Co. lifted its position in 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 acquiring an additional 800 shares during the last quarter. Ethos Financial Group LLC acquired a new stake in KeyCorp in the 4th quarter worth $27,000. SBI Securities Co. Ltd. acquired a new position in shares of KeyCorp during the fourth quarter valued at about $34,000. TCTC Holdings LLC lifted its stake in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock valued at $38,000 after buying an additional 611 shares during the period. Finally, Whipplewood Advisors LLC bought a new position in KeyCorp during the fourth quarter valued at about $45,000. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Activity at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the transaction, the director now owns 162,983,726 shares of the company's stock, valued at $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.61% of the stock is currently owned by company insiders.

Remove Ads

KeyCorp Trading Up 2.3 %

KeyCorp stock traded up $0.31 during mid-day trading on Monday, hitting $14.04. The stock had a trading volume of 18,733,031 shares, compared to its average volume of 13,049,357. The stock has a 50-day simple moving average of $16.11 and a two-hundred day simple moving average of $17.22. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $15.38 billion, a PE ratio of -46.80, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

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

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.84%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's dividend payout ratio (DPR) is -273.33%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Royal Bank of Canada restated an "outperform" rating and issued a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Morgan Stanley decreased their target price on shares of KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Barclays lifted their price objective on KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Finally, Citigroup dropped their target price on KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a report on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, 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.