Legal & General Group Plc Cuts Stake in KeyCorp (NYSE:KEY)

Legal & General Group Plc lowered its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 18.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,909,662 shares of the financial services provider's stock after selling 1,309,727 shares during the period. Legal & General Group Plc owned approximately 0.60% of KeyCorp worth $101,292,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of KeyCorp by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after acquiring an additional 7,754,576 shares in the last quarter. FMR LLC grew its holdings in shares of KeyCorp by 7.1% during the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after buying an additional 2,938,405 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of KeyCorp by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider's stock worth $566,626,000 after acquiring an additional 1,452,179 shares during the last quarter. Geode Capital Management LLC lifted its position in KeyCorp by 7.6% in the 4th quarter. Geode Capital Management LLC now owns 23,349,979 shares of the financial services provider's stock valued at $399,169,000 after acquiring an additional 1,647,332 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in KeyCorp by 2.9% during the 4th quarter. Invesco Ltd. now owns 17,260,508 shares of the financial services provider's stock worth $295,845,000 after purchasing an additional 479,604 shares in the last quarter. Institutional investors own 79.69% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages recently issued reports on KEY. Morgan Stanley decreased their price target on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Wells Fargo & Company cut their price target on shares of KeyCorp from $22.00 to $20.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Barclays lifted their price target 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. DA Davidson dropped their price target on KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $18.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $19.31.

KeyCorp Price Performance

KEY stock traded up $0.31 during mid-day trading on Monday, hitting $14.04. 18,733,031 shares of the stock were exchanged, compared to its average volume of 13,049,359. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a market capitalization of $15.38 billion, a price-to-earnings ratio of -46.80, a PEG ratio of 0.65 and a beta of 1.06. The business has a fifty day moving average price of $16.11 and a 200 day moving average price of $17.22. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were paid a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 5.84%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's dividend payout ratio is currently -273.33%.

KeyCorp declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.61% 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.