Modern Wealth Management LLC Makes New Investment in KeyCorp (NYSE:KEY)

Modern Wealth Management LLC bought a new stake in shares of KeyCorp (NYSE:KEY) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,515 shares of the financial services provider’s stock, valued at approximately $184,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Whittier Trust Co. lifted its position in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC bought a new position in shares of KeyCorp during the 4th quarter valued at $27,000. Larson Financial Group LLC lifted its holdings 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 valued at $32,000 after buying an additional 918 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of KeyCorp in the fourth quarter worth $34,000. Finally, TCTC Holdings LLC grew its holdings in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 611 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Down 2.3 %

Shares of KEY opened at $15.80 on Friday. The business’s 50 day moving average is $16.93 and its 200 day moving average is $17.40. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 12-month low of $13.11 and a 12-month high of $20.04. The company has a market capitalization of $17.46 billion, a PE ratio of -52.65, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp declared that its board has authorized a stock repurchase plan on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 5.19%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is currently -273.33%.

Insider Transactions at KeyCorp

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on KEY shares. Stephens reissued an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley dropped their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $18.50 price target on shares of KeyCorp in a research note on Monday, February 3rd. 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. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.42.

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.