Summit Global Investments Invests $1.02 Million in KeyCorp (NYSE:KEY)

Summit Global Investments purchased a new position in shares of KeyCorp (NYSE:KEY - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 59,658 shares of the financial services provider's stock, valued at approximately $1,023,000.

Other hedge funds have also recently made changes to their positions in the company. TCTC Holdings LLC grew its stake 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 purchasing an additional 611 shares during the period. Signaturefd LLC grew its position 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 buying an additional 614 shares during the period. Modera Wealth Management LLC grew its position in shares of KeyCorp by 3.9% during the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider's stock worth $283,000 after buying an additional 627 shares during the period. Ballentine Partners LLC increased its stake in shares of KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider's stock valued at $220,000 after acquiring an additional 692 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in KeyCorp by 0.4% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider's stock worth $3,008,000 after acquiring an additional 695 shares in the last quarter. 79.69% of the stock is owned by 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 company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $17.85 billion, a price-to-earnings ratio of -53.85, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The company's 50 day moving average is $17.01 and its two-hundred day moving average is $17.41.

KeyCorp Dividend Announcement

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 dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 5.08%. KeyCorp's dividend payout ratio (DPR) is currently -273.33%.

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 buy up to 6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on KEY shares. DA Davidson decreased their price target on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $18.50 price target on shares of KeyCorp in a report on Monday, February 3rd. Morgan Stanley decreased their price objective on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Finally, Piper Sandler increased their target price on KeyCorp from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.53.

Insiders Place Their Bets

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, 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 legal filing with the SEC, which is accessible through this link. Insiders own 0.61% of the company's stock.

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.