Alliancebernstein L.P. Reduces Stake in KeyCorp (NYSE:KEY)

Alliancebernstein L.P. decreased its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,181,732 shares of the financial services provider's stock after selling 150,185 shares during the quarter. Alliancebernstein L.P. owned 0.12% of KeyCorp worth $20,255,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Whittier Trust Co. grew its position in KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 800 shares during the last quarter. Ethos Financial Group LLC bought a new position in shares of KeyCorp in the fourth quarter worth about $27,000. SBI Securities Co. Ltd. purchased a new position in KeyCorp in the 4th quarter worth about $34,000. TCTC Holdings LLC lifted its holdings in 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 buying an additional 611 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new stake in KeyCorp in the 4th quarter valued at about $45,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KEY. Baird R W raised shares of KeyCorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Morgan Stanley lowered their target price on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Stephens restated an "overweight" rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Finally, Barclays increased their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, January 6th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $19.31.

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KeyCorp Stock Down 0.3 %

Shares of KeyCorp stock traded down $0.04 during trading on Friday, reaching $13.71. The company's stock had a trading volume of 15,718,525 shares, compared to its average volume of 13,025,493. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company 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 quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The company has a market cap of $15.02 billion, a price-to-earnings ratio of -45.68, a P/E/G ratio of 0.65 and a beta of 1.06.

KeyCorp Announces Dividend

The firm 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. This represents a $0.82 annualized dividend and a yield of 5.98%. The ex-dividend date was Tuesday, March 4th. KeyCorp's dividend payout ratio is presently -273.33%.

KeyCorp declared that its Board of Directors has initiated a share buyback program on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.67% of the company's stock.

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.