Geode Capital Management LLC Purchases 1,647,332 Shares of KeyCorp (NYSE:KEY)

Geode Capital Management LLC increased its position in KeyCorp (NYSE:KEY) by 7.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,349,979 shares of the financial services provider’s stock after purchasing an additional 1,647,332 shares during the quarter. Geode Capital Management LLC owned approximately 2.36% of KeyCorp worth $399,169,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Whittier Trust Co. lifted its holdings in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 800 shares during the period. Ethos Financial Group LLC bought a new position in KeyCorp during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. acquired a new stake in KeyCorp during the fourth quarter valued at approximately $34,000. TCTC Holdings LLC grew its stake in shares of KeyCorp by 38.6% in the 4th 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 during the period. Finally, Whipplewood Advisors LLC acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

KEY opened at $13.45 on Friday. The company has a fifty day moving average price of $16.67 and a two-hundred day moving average price of $17.36. The firm has a market capitalization of $14.74 billion, a PE ratio of -44.83, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp declared that its board has authorized a stock buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 6.10%. KeyCorp’s dividend payout ratio is presently -273.33%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on KEY shares. Stephens reiterated an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research report 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 report on Wednesday, January 22nd. Morgan Stanley cut their price target on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. decreased their price objective on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Barclays lifted their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.31.

KeyCorp Company 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.