Raymond James Financial Inc. Takes $42.83 Million Position in KeyCorp (NYSE:KEY)

Raymond James Financial Inc. acquired a new stake in KeyCorp (NYSE:KEY - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 2,498,670 shares of the financial services provider's stock, valued at approximately $42,827,000. Raymond James Financial Inc. owned about 0.25% of KeyCorp as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KEY. Azora Capital LP bought a new stake in KeyCorp in the third quarter valued at approximately $92,413,000. Thrivent Financial for Lutherans lifted its position in KeyCorp by 108.3% in the third quarter. Thrivent Financial for Lutherans now owns 5,852,233 shares of the financial services provider's stock valued at $98,025,000 after purchasing an additional 3,042,060 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in KeyCorp by 164.9% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,660,680 shares of the financial services provider's stock valued at $78,066,000 after purchasing an additional 2,900,971 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of KeyCorp by 279.6% during the third quarter. Victory Capital Management Inc. now owns 3,788,173 shares of the financial services provider's stock valued at $63,452,000 after buying an additional 2,790,192 shares during the period. Finally, National Pension Service increased its stake in shares of KeyCorp by 1,124.8% during the fourth quarter. National Pension Service now owns 1,679,582 shares of the financial services provider's stock valued at $28,788,000 after buying an additional 1,542,456 shares during the period. Institutional investors own 79.69% of the company's stock.

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Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the business's 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 in the company, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.61% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Royal Bank of Canada reissued an "outperform" rating and set a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Citigroup raised KeyCorp from a "neutral" rating to a "buy" rating and set a $20.00 target price on the stock in a research note on Monday, March 10th. Truist Financial assumed coverage on KeyCorp in a research note on Tuesday, January 7th. They set a "hold" rating and a $19.00 target price on the stock. Barclays boosted their target price on KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. Finally, Morgan Stanley reduced their target price on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Thursday. Eight investment analysts have rated the stock with a hold rating and eleven have issued a 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 $19.64.

KeyCorp Stock Up 3.5 %

Shares of NYSE KEY traded up $0.53 during trading on Friday, reaching $15.68. The company had a trading volume of 18,651,629 shares, compared to its average volume of 11,868,728. KeyCorp has a 12-month low of $13.11 and a 12-month high of $20.04. The stock has a market cap of $17.32 billion, a PE ratio of -52.25, a P/E/G ratio of 0.65 and a beta of 1.26. The business's 50-day moving average is $17.19 and its 200 day moving average is $17.43. 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 announced that its board has approved a share repurchase program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.23%. KeyCorp's dividend payout ratio is currently -273.33%.

KeyCorp 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.