Pictet Asset Management Holding SA Buys 94,998 Shares of KeyCorp (NYSE:KEY)

Pictet Asset Management Holding SA boosted its stake in KeyCorp (NYSE:KEY - Free Report) by 17.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 644,441 shares of the financial services provider's stock after acquiring an additional 94,998 shares during the period. Pictet Asset Management Holding SA owned 0.07% of KeyCorp worth $11,046,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Whittier Trust Co. boosted its stake in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 800 shares in the last quarter. Ethos Financial Group LLC purchased a new stake in KeyCorp in the fourth quarter worth about $27,000. SBI Securities Co. Ltd. bought a new stake in KeyCorp during the 4th quarter valued at approximately $34,000. TCTC Holdings LLC grew its holdings in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after acquiring an additional 611 shares during the period. Finally, Whipplewood Advisors LLC bought a new position in shares of KeyCorp in the 4th quarter worth approximately $45,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.61% of the stock is owned by company insiders.

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KeyCorp Stock Performance

Shares of NYSE KEY traded down $0.67 during trading on Friday, reaching $13.45. 23,356,702 shares of the company traded hands, compared to its average volume of 12,715,053. The firm has a 50 day simple moving average of $16.67 and a 200-day simple moving average of $17.37. KeyCorp has a 52-week low of $12.73 and a 52-week 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. The stock has a market capitalization of $14.74 billion, a PE ratio of -44.83, a P/E/G ratio of 0.65 and a beta of 1.06.

KeyCorp declared that its Board of Directors has authorized a stock repurchase 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 buy up to 6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently declared 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 6.10%. The ex-dividend date was Tuesday, March 4th. KeyCorp's dividend payout ratio is presently -273.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Truist Financial decreased their price objective on KeyCorp from $19.00 to $18.00 and set a "hold" rating for the company in a report on Friday, March 21st. Citigroup lowered their price target on shares of KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Wells Fargo & Company cut their price objective 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. Morgan Stanley lowered their target price 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. Finally, Stephens reissued an "overweight" rating and issued a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.31.

KeyCorp Company Profile

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.