Norges Bank Makes New Investment in KeyCorp (NYSE:KEY)

Norges Bank acquired a new stake in shares of KeyCorp (NYSE:KEY - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 8,940,175 shares of the financial services provider's stock, valued at approximately $153,235,000. Norges Bank owned 0.90% of KeyCorp as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position 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 buying an additional 7,754,576 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in KeyCorp by 4.6% during 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in KeyCorp by 3.2% in 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 purchasing an additional 222,187 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in KeyCorp by 5.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider's stock valued at $105,829,000 after purchasing an additional 322,150 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of KeyCorp by 57.0% during the 4th quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider's stock valued at $101,916,000 after purchasing an additional 2,157,901 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

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Insider Transactions at KeyCorp

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 bought at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.61% of the stock is currently owned by company insiders.

KeyCorp Trading Up 1.8 %

Shares of NYSE KEY traded up $0.28 during mid-day trading on Wednesday, hitting $16.08. The stock had a trading volume of 12,579,278 shares, compared to its average volume of 12,607,979. The business has a 50 day moving average price of $16.85 and a two-hundred 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 debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $17.77 billion, a P/E ratio of -53.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its board has approved a stock buyback program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's dividend payout ratio (DPR) is -273.33%.

Analyst Upgrades and Downgrades

KEY has been the topic of a number of recent analyst reports. Truist Financial lowered their price objective on KeyCorp from $19.00 to $18.00 and set a "hold" rating on the stock in a research report on Friday, March 21st. Morgan Stanley cut their price objective on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 22nd. Stephens reissued an "overweight" rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an "outperform" rating and set a $18.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.42.

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.