KeyCorp (NYSE:KEY) Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lowered its stake in KeyCorp (NYSE:KEY - Free Report) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,837,918 shares of the financial services provider's stock after selling 1,171,977 shares during the quarter. KeyCorp comprises about 1.4% of Diamond Hill Capital Management Inc.'s portfolio, making the stock its 28th biggest holding. Diamond Hill Capital Management Inc. owned about 1.90% of KeyCorp worth $322,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Ethos Financial Group LLC acquired a new stake in shares of KeyCorp during the fourth quarter worth about $27,000. Larson Financial Group LLC lifted its position in shares of KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider's stock worth $32,000 after purchasing an additional 918 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of KeyCorp during the fourth quarter worth about $34,000. Venturi Wealth Management LLC lifted its position in shares of KeyCorp by 62.9% during the third quarter. Venturi Wealth Management LLC now owns 2,526 shares of the financial services provider's stock worth $42,000 after purchasing an additional 975 shares in the last quarter. Finally, Whipplewood Advisors LLC acquired a new stake in shares of KeyCorp during the fourth quarter worth about $45,000. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Transactions at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.61% of the company's stock.

Remove Ads

KeyCorp Price Performance

Shares of NYSE:KEY traded up $0.06 during midday trading on Tuesday, hitting $15.86. 10,329,154 shares of the stock were exchanged, compared to its average volume of 11,859,442. The stock has a market cap of $17.52 billion, a P/E ratio of -52.85, a PEG ratio of 0.65 and a beta of 1.26. 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 twelve month low of $13.11 and a twelve month high of $20.04. The company has a 50 day moving average price of $17.16 and a 200-day moving average price of $17.43.

KeyCorp declared that its board has initiated a share buyback plan 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 purchase up to 6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 5.17%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's dividend payout ratio (DPR) is presently -273.33%.

Analyst Ratings Changes

KEY has been the topic of several research reports. Stephens reissued an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods reduced their target price 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. Barclays raised their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Finally, DA Davidson reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $19.64.

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.