Allstate Corp Invests $481,000 in KeyCorp (NYSE:KEY)

Allstate Corp purchased a new stake in shares of KeyCorp (NYSE:KEY) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 28,057 shares of the financial services provider’s stock, valued at approximately $481,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Whittier Trust Co. increased its holdings in shares of KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after buying an additional 800 shares in the last quarter. Ethos Financial Group LLC bought a new stake in KeyCorp during the 4th quarter worth $27,000. SBI Securities Co. Ltd. bought a new position in KeyCorp in the fourth quarter valued at about $34,000. TCTC Holdings LLC boosted its stake in shares of KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 611 shares in the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in shares of KeyCorp during the fourth quarter worth about $45,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on KEY. Keefe, Bruyette & Woods dropped their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. 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. Stephens reissued an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Truist Financial reduced their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, March 21st. Finally, 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 report on Tuesday, December 3rd. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $19.42.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now directly 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is owned by company insiders.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $15.77 on Wednesday. The business has a 50-day simple moving average of $16.85 and a 200 day simple moving average of $17.42. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market capitalization of $17.43 billion, a price-to-earnings ratio of -52.57, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.20%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is -273.33%.

KeyCorp announced that its Board of Directors has approved a share repurchase program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is 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.