Cibc World Markets Corp Lowers Position in KeyCorp (NYSE:KEY)

Cibc World Markets Corp cut its holdings in KeyCorp (NYSE:KEY) by 14.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 154,239 shares of the financial services provider’s stock after selling 26,432 shares during the quarter. Cibc World Markets Corp’s holdings in KeyCorp were worth $2,644,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in KEY. Ethos Financial Group LLC purchased a new stake in KeyCorp in the fourth quarter worth about $27,000. Larson Financial Group LLC lifted its stake in KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 918 shares during the period. SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the fourth quarter worth about $34,000. Whipplewood Advisors LLC purchased a new stake in KeyCorp in the fourth quarter worth about $45,000. Finally, Crews Bank & Trust purchased a new stake in KeyCorp in the fourth quarter worth about $51,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. DA Davidson decreased their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods decreased their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Finally, Stephens reissued an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.64.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction that occurred on 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 acquisition, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.61% of the stock is owned by corporate insiders.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $16.11 on Friday. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04. The company’s 50 day moving average is $17.09 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. The company has a market cap of $17.80 billion, a PE ratio of -53.69, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp Dividend Announcement

The firm also recently declared 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 was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.09%. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

KeyCorp announced that its Board of Directors has approved a share repurchase 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 generally a sign that the company’s board of directors believes its shares are undervalued.

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.