Thrivent Financial for Lutherans Acquires 322,150 Shares of KeyCorp (NYSE:KEY)

Thrivent Financial for Lutherans grew its position in shares of KeyCorp (NYSE:KEY - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,174,383 shares of the financial services provider's stock after buying an additional 322,150 shares during the quarter. Thrivent Financial for Lutherans owned 0.62% of KeyCorp worth $105,829,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Ethos Financial Group LLC bought a new position in shares of KeyCorp during the 4th quarter worth approximately $27,000. Larson Financial Group LLC lifted its position in shares of KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider's stock worth $32,000 after buying an additional 918 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp during the 4th quarter worth approximately $34,000. TCTC Holdings LLC increased its stake in shares of KeyCorp by 38.6% during 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 last quarter. Finally, Whipplewood Advisors LLC purchased a new stake in shares of KeyCorp during the 4th quarter worth approximately $45,000. Institutional investors own 79.69% of the company's stock.

KeyCorp Price Performance

NYSE:KEY traded up $0.05 during trading hours on Friday, hitting $16.14. The stock had a trading volume of 57,103,933 shares, compared to its average volume of 12,066,993. The company has a 50 day simple moving average of $17.08 and a two-hundred day simple moving average of $17.40. 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 one year low of $13.11 and a one year high of $20.04. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of -53.78, a P/E/G ratio of 0.65 and a beta of 1.26.

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

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. 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. Piper Sandler raised their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Stephens restated an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Citigroup upgraded shares of KeyCorp from a "neutral" rating to a "buy" rating and set a $20.00 price target for the company in a research note on Monday, March 10th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $22.00 to $21.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.58.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the company's stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares of the company's stock, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.61% of the stock is currently owned by insiders.

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.