DnB Asset Management AS Lowers Stock Position in KeyCorp (NYSE:KEY)

DnB Asset Management AS lessened its position in shares of KeyCorp (NYSE:KEY) by 78.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 163,325 shares of the financial services provider’s stock after selling 579,726 shares during the quarter. DnB Asset Management AS’s holdings in KeyCorp were worth $2,799,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TCTC Holdings LLC grew its position 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 valued at $38,000 after acquiring an additional 611 shares during the period. Signaturefd LLC grew its holdings in KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 614 shares during the period. Modera Wealth Management LLC increased its position in shares of KeyCorp by 3.9% in the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after buying an additional 627 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of KeyCorp by 5.7% during the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after buying an additional 692 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of KeyCorp by 0.4% during the 4th 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 buying an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is owned by insiders.

KeyCorp Stock Performance

KeyCorp stock opened at $16.01 on Tuesday. The firm has a 50 day simple moving average of $16.88 and a 200-day simple moving average of $17.42. The stock has a market cap of $17.69 billion, a price-to-earnings ratio of -53.35, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. 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 $13.11 and a 1-year high of $20.04.

KeyCorp declared that its board has authorized a share buyback 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 buy up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.12%. KeyCorp’s payout ratio is -273.33%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. DA Davidson cut their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Stephens reissued an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Wells Fargo & Company decreased their price target on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday. Piper Sandler boosted their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods reduced their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $19.42.

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.