Resona Asset Management Co. Ltd. Takes $4.80 Million Position in KeyCorp (NYSE:KEY)

Resona Asset Management Co. Ltd. bought a new position in KeyCorp (NYSE:KEY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 279,693 shares of the financial services provider's stock, valued at approximately $4,796,000.

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

KeyCorp Stock Up 2.1 %

Shares of KEY traded up $0.29 during midday trading on Monday, hitting $14.02. 1,982,730 shares of the company's stock traded hands, compared to its average volume of 12,984,572. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The firm's fifty day moving average is $16.11 and its 200-day moving average is $17.22. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $15.36 billion, a price-to-earnings ratio of -46.73, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06.

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KeyCorp declared that its Board of Directors has authorized a share 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.85%. KeyCorp's dividend payout ratio (DPR) is currently -273.33%.

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 shares were acquired at an average price 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 $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.61% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Barclays lifted their price objective 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. Morgan Stanley decreased their target price on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. 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. Wells Fargo & Company lowered their target price on KeyCorp from $22.00 to $20.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of KeyCorp from $22.00 to $21.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 22nd. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.