Algebris UK Ltd Invests $11.67 Million in KeyCorp (NYSE:KEY)

Algebris UK Ltd bought a new position in shares of KeyCorp (NYSE:KEY) in the 4th quarter, HoldingsChannel reports. The fund bought 705,223 shares of the financial services provider’s stock, valued at approximately $11,674,000. KeyCorp comprises approximately 3.0% of Algebris UK Ltd’s investment portfolio, making the stock its 15th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in KEY. OneDigital Investment Advisors LLC increased its position in shares of KeyCorp by 15.5% during the third quarter. OneDigital Investment Advisors LLC now owns 16,772 shares of the financial services provider’s stock worth $281,000 after acquiring an additional 2,256 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in KeyCorp by 7.0% during the third quarter. CIBC Asset Management Inc now owns 135,492 shares of the financial services provider’s stock worth $2,269,000 after purchasing an additional 8,901 shares during the last quarter. Natixis Advisors LLC boosted its holdings in KeyCorp by 17.9% during the third quarter. Natixis Advisors LLC now owns 689,469 shares of the financial services provider’s stock worth $11,549,000 after purchasing an additional 104,689 shares during the last quarter. Meeder Advisory Services Inc. boosted its holdings in KeyCorp by 18.4% during the third quarter. Meeder Advisory Services Inc. now owns 36,753 shares of the financial services provider’s stock worth $616,000 after purchasing an additional 5,703 shares during the last quarter. Finally, New England Asset Management Inc. boosted its holdings in KeyCorp by 0.8% during the third quarter. New England Asset Management Inc. now owns 562,160 shares of the financial services provider’s stock worth $9,416,000 after purchasing an additional 4,615 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Performance

Shares of KEY stock opened at $15.86 on Wednesday. The stock has a market capitalization of $17.52 billion, a P/E ratio of -52.85, a PEG ratio of 0.65 and a beta of 1.26. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The firm’s 50 day moving average is $17.13 and its 200 day moving average is $17.42. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

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

Analyst Ratings Changes

KEY has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Citigroup upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Monday, March 10th. JPMorgan Chase & Co. restated a “neutral” rating and set a $18.50 price target on shares of KeyCorp in a report on Monday, February 3rd. DA Davidson cut their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Finally, Truist Financial began coverage on shares of KeyCorp in a research note on Tuesday, January 7th. They issued a “hold” rating and a $19.00 target price on the stock. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

Insider Buying and Selling

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the acquisition, the director now 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 legal filing with the SEC, which is available through this link. 0.61% of the stock is currently owned by insiders.

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.