Mitsubishi UFJ Asset Management Co. Ltd. Boosts Position in KeyCorp (NYSE:KEY)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 14.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,507,992 shares of the financial services provider's stock after purchasing an additional 186,288 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.15% of KeyCorp worth $26,073,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Cerity Partners LLC increased its holdings in shares of KeyCorp by 31.5% in the 3rd quarter. Cerity Partners LLC now owns 195,456 shares of the financial services provider's stock valued at $3,274,000 after purchasing an additional 46,835 shares in the last quarter. Larson Financial Group LLC grew its position in 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 buying an additional 918 shares during the period. Townsquare Capital LLC increased its holdings in KeyCorp by 34.0% in the third quarter. Townsquare Capital LLC now owns 34,715 shares of the financial services provider's stock valued at $581,000 after buying an additional 8,814 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of KeyCorp by 14.3% during the 3rd quarter. Glenmede Trust Co. NA now owns 67,102 shares of the financial services provider's stock valued at $1,124,000 after acquiring an additional 8,399 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of KeyCorp by 3.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider's stock worth $119,170,000 after acquiring an additional 222,187 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Several research firms recently weighed in on KEY. Stephens reaffirmed an "overweight" rating and issued a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Piper Sandler raised their price target on KeyCorp from $19.00 to $22.00 and gave the company an "overweight" rating in a research report on Tuesday, December 3rd. Truist Financial decreased their price objective on shares of KeyCorp from $19.00 to $18.00 and set a "hold" rating on the stock in a research report on Friday, March 21st. Citigroup dropped their target price on shares of KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a report on Monday, March 24th. Finally, Barclays increased their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, January 6th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.42.

KeyCorp Trading Up 1.8 %

Shares of NYSE:KEY traded up $0.28 during midday trading on Wednesday, reaching $16.08. The company's stock had a trading volume of 12,579,270 shares, compared to its average volume of 12,595,201. The firm has a market cap of $17.77 billion, a price-to-earnings ratio of -53.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The business has a 50 day moving average price of $16.85 and a 200 day moving average price of $17.42. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

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 5.10%. The ex-dividend date was Tuesday, March 4th. KeyCorp's dividend payout ratio (DPR) is -273.33%.

KeyCorp announced that its board has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.