KeyCorp (NYSE:KEY) Shares Acquired by Prospector Partners LLC

Prospector Partners LLC boosted its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 38.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 794,640 shares of the financial services provider's stock after acquiring an additional 219,726 shares during the quarter. KeyCorp accounts for 1.5% of Prospector Partners LLC's portfolio, making the stock its 28th biggest holding. Prospector Partners LLC owned about 0.08% of KeyCorp worth $13,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TCTC Holdings LLC raised its stake in shares of KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 611 shares in the last quarter. Signaturefd LLC increased its holdings in KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider's stock worth $76,000 after purchasing an additional 614 shares during the period. Modera Wealth Management LLC raised its position in KeyCorp by 3.9% during the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider's stock valued at $283,000 after purchasing an additional 627 shares in the last quarter. Ballentine Partners LLC lifted its holdings in shares of KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider's stock worth $220,000 after buying an additional 692 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of KeyCorp by 0.4% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider's stock worth $3,008,000 after buying an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

Remove Ads

KeyCorp Stock Performance

Shares of NYSE KEY traded down $0.08 during midday trading on Friday, reaching $13.67. The company had a trading volume of 7,850,940 shares, compared to its average volume of 12,996,775. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The business's 50-day simple moving average is $16.19 and its 200 day simple moving average is $17.24. 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 cap of $14.97 billion, a P/E ratio of -45.18, a P/E/G ratio of 0.65 and a beta of 1.06.

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

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 6.00%. KeyCorp's dividend payout ratio (DPR) is -273.33%.

Insiders Place Their Bets

In other KeyCorp 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 bought at an average price 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 $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.67% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Stephens restated an "overweight" rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley reduced their price target on shares of KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Barclays increased their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. Citigroup reduced their price objective on shares of KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Finally, Truist Financial lowered their target price on KeyCorp from $19.00 to $18.00 and set a "hold" rating for the company in a report on Friday, March 21st. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of "Moderate Buy" and an average target price of $19.31.

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.