Commonwealth Equity Services LLC Has $7.45 Million Position in KeyCorp (NYSE:KEY)

Commonwealth Equity Services LLC lowered its holdings in shares of KeyCorp (NYSE:KEY) by 5.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 434,734 shares of the financial services provider’s stock after selling 27,234 shares during the quarter. Commonwealth Equity Services LLC’s holdings in KeyCorp were worth $7,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of KEY. Ethos Financial Group LLC bought a new position in shares of KeyCorp during the fourth quarter valued at $27,000. Larson Financial Group LLC lifted its holdings in shares of KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 918 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp during the fourth quarter valued at $34,000. Whipplewood Advisors LLC bought a new position in shares of KeyCorp during the fourth quarter valued at $45,000. Finally, Crews Bank & Trust bought a new position in shares of KeyCorp during the fourth quarter valued at $51,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Price Performance

KeyCorp stock opened at $16.11 on Friday. The firm has a market capitalization of $17.80 billion, a P/E ratio of -53.69, a PEG ratio of 0.65 and a beta of 1.26. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The business has a 50-day moving average of $17.09 and a 200-day moving average of $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 declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently announced 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. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.09%. KeyCorp’s payout ratio is currently -273.33%.

Insider Transactions at KeyCorp

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KEY. Citigroup raised KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, March 10th. The Goldman Sachs Group lifted their price target on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler lifted their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Barclays lifted their price target on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.64.

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.