Polymer Capital Management US LLC Takes Position in KeyCorp (NYSE:KEY)

Polymer Capital Management US LLC acquired a new stake in KeyCorp (NYSE:KEY - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 18,732 shares of the financial services provider's stock, valued at approximately $321,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Whittier Trust Co. grew its stake in KeyCorp by 110.3% in the fourth 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 bought a new position in shares of KeyCorp in the fourth quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new position in KeyCorp during the fourth quarter worth $34,000. TCTC Holdings LLC raised its position in KeyCorp by 38.6% during the fourth 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 in the last quarter. Finally, Whipplewood Advisors LLC acquired a new stake in KeyCorp in the fourth quarter valued at $45,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Price Performance

NYSE KEY traded down $0.04 on Friday, reaching $13.71. 15,718,525 shares of the company's stock traded hands, compared to its average volume of 13,026,608. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The stock has a 50-day simple moving average of $16.11 and a 200 day simple moving average of $17.22. The stock has a market cap of $15.02 billion, a PE ratio of -45.68, a P/E/G ratio of 0.65 and a beta of 1.06.

Remove Ads

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.98%. KeyCorp's dividend payout ratio (DPR) is presently -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 outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays boosted their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Monday, January 6th. DA Davidson dropped their price objective on KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, January 22nd. 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 research report on Thursday, March 13th. Truist Financial decreased their target price on KeyCorp from $19.00 to $18.00 and set a "hold" rating on the stock in a report on Friday, March 21st. Finally, Citigroup cut their price target on KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a report on Monday, March 24th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.31.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is currently owned by corporate insiders.

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.