Potentia Wealth Acquires Shares of 22,002 KeyCorp (NYSE:KEY)

Potentia Wealth bought a new position in KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 22,002 shares of the financial services provider’s stock, valued at approximately $377,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in KeyCorp by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after acquiring an additional 7,754,576 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in KeyCorp by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after buying an additional 1,452,179 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of KeyCorp by 3.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock valued at $119,170,000 after buying an additional 222,187 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of KeyCorp by 5.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider’s stock worth $105,829,000 after acquiring an additional 322,150 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in KeyCorp by 57.0% in the fourth quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock worth $101,916,000 after acquiring an additional 2,157,901 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction dated 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 completion of the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through the SEC website. 0.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

KEY has been the subject of several recent research reports. Piper Sandler boosted their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group boosted their price objective on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Citigroup dropped their target price on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday. Finally, DA Davidson reduced their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $19.53.

KeyCorp Stock Up 2.9 %

KEY opened at $16.62 on Tuesday. The company has a market cap of $18.36 billion, a price-to-earnings ratio of -55.38, a PEG ratio of 0.65 and a beta of 1.26. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The business’s fifty day moving average is $17.07 and its two-hundred day moving average is $17.41. 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 announced that its Board of Directors has authorized a stock repurchase plan on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s payout ratio is -273.33%.

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.