Commonwealth Equity Services LLC Sells 27,234 Shares of KeyCorp (NYSE:KEY)

Commonwealth Equity Services LLC lessened its stake in KeyCorp (NYSE:KEY - Free Report) by 5.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 434,734 shares of the financial services provider's stock after selling 27,234 shares during the period. Commonwealth Equity Services LLC's holdings in KeyCorp were worth $7,451,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Ethos Financial Group LLC bought a new position in KeyCorp during the 4th quarter worth approximately $27,000. Larson Financial Group LLC raised its position in shares of KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 918 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in KeyCorp during the fourth quarter worth $34,000. Whipplewood Advisors LLC acquired a new position in KeyCorp in the fourth quarter worth $45,000. Finally, Crews Bank & Trust bought a new stake in KeyCorp during the fourth quarter valued at $51,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average price 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 in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.61% of the company's stock.

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Analyst Ratings Changes

A number of brokerages have issued reports on KEY. Royal Bank of Canada reissued an "outperform" rating and issued a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley cut their price target on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Citigroup lowered their price objective on KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Monday. Piper Sandler boosted their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Finally, Barclays lifted their target price on KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.53.

KeyCorp Stock Up 2.9 %

Shares of NYSE KEY traded up $0.47 during mid-day trading on Monday, reaching $16.62. 12,005,472 shares of the company traded hands, compared to its average volume of 12,081,300. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The company's fifty day moving average is $17.08 and its two-hundred day moving average is $17.41. The stock has a market cap of $18.36 billion, a PE ratio of -55.38, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

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

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.94%. The ex-dividend date was Tuesday, March 4th. KeyCorp's dividend payout ratio is currently -273.33%.

KeyCorp Company 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.