KeyCorp (NYSE:KEY) Stake Lifted by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. boosted its stake in KeyCorp (NYSE:KEY - Free Report) by 13.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 340,569 shares of the financial services provider's stock after buying an additional 39,126 shares during the quarter. Royal London Asset Management Ltd.'s holdings in KeyCorp were worth $5,837,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of KEY. TCTC Holdings LLC boosted 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 during the last quarter. Signaturefd LLC lifted its stake in shares of KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider's stock worth $76,000 after purchasing an additional 614 shares during the period. Modera Wealth Management LLC boosted its holdings in shares of KeyCorp by 3.9% during the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider's stock worth $283,000 after purchasing an additional 627 shares during the last quarter. Ballentine Partners LLC grew its position in shares of KeyCorp by 5.7% in the fourth quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider's stock valued at $220,000 after purchasing an additional 692 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in KeyCorp by 0.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider's stock valued at $3,008,000 after purchasing an additional 695 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

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KeyCorp Stock Down 1.5 %

KEY stock traded down $0.25 during trading on Thursday, reaching $16.16. The stock had a trading volume of 13,081,242 shares, compared to its average volume of 12,120,462. The firm has a fifty day moving average price of $17.01 and a 200 day moving average price of $17.41. 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 company has a market capitalization of $17.85 billion, a P/E ratio of -53.85, a PEG ratio of 0.65 and a beta of 1.26. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04.

KeyCorp announced that its Board of Directors has authorized a share buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.08%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's dividend payout ratio is currently -273.33%.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares of the company's stock, valued at $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 Securities & Exchange Commission, which can be accessed through this hyperlink. 0.61% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley cut their price objective on shares of KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Truist Financial cut their price target on shares of KeyCorp from $19.00 to $18.00 and set a "hold" rating on the stock in a research note on Friday, March 21st. JPMorgan Chase & Co. reissued a "neutral" rating and set a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Stephens reaffirmed an "overweight" rating and issued a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, Barclays lifted their target price on KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, KeyCorp currently has an average rating of "Moderate Buy" and an average price target of $19.53.

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.