KeyCorp (NYSE:KEY) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its position in KeyCorp (NYSE:KEY - Free Report) by 38.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 402,582 shares of the financial services provider's stock after selling 254,800 shares during the period. Wellington Management Group LLP's holdings in KeyCorp were worth $6,900,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. raised its stake in KeyCorp by 3.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider's stock valued at $19,149,000 after buying an additional 36,424 shares in the last quarter. Truist Financial Corp increased its holdings in shares of KeyCorp by 27.1% in the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider's stock valued at $1,643,000 after acquiring an additional 20,424 shares during the last quarter. Avanza Fonder AB purchased a new stake in KeyCorp during the fourth quarter worth approximately $1,618,000. Proficio Capital Partners LLC acquired a new position in KeyCorp in the fourth quarter valued at approximately $1,519,000. Finally, CHURCHILL MANAGEMENT Corp increased its stake in KeyCorp by 5.9% in the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider's stock valued at $7,976,000 after purchasing an additional 26,047 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Barclays upped their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Morgan Stanley dropped their price objective on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Stephens reissued an "overweight" rating and issued a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Royal Bank of Canada restated an "outperform" rating and set a $18.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Truist Financial reduced their price objective on KeyCorp from $19.00 to $18.00 and set a "hold" rating for the company in a research note on Friday, March 21st. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $19.31.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

KeyCorp Price Performance

Shares of NYSE KEY traded up $0.27 during trading on Tuesday, hitting $14.33. 10,002,145 shares of the company were exchanged, compared to its average volume of 13,038,805. 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 1 year low of $12.73 and a 1 year high of $20.04. The company has a market cap of $15.70 billion, a price-to-earnings ratio of -47.77, a PEG ratio of 0.65 and a beta of 1.06. The firm's fifty day moving average price is $16.03 and its 200 day moving average price is $17.20.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were given 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 yield of 5.72%. KeyCorp's payout ratio is currently -273.33%.

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

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.