Nomura Asset Management Co. Ltd. Has $5.23 Million Stock Holdings in KeyCorp (NYSE:KEY)

Nomura Asset Management Co. Ltd. raised its stake in KeyCorp (NYSE:KEY) by 0.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 304,947 shares of the financial services provider’s stock after buying an additional 1,088 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in KeyCorp were worth $5,227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Whittier Trust Co. lifted its stake in shares of KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 800 shares during the last quarter. Ethos Financial Group LLC bought a new position in KeyCorp in the fourth quarter valued at about $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of KeyCorp during the fourth quarter valued at about $34,000. TCTC Holdings LLC grew its holdings in shares of KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 611 shares during the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $45,000. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Piper Sandler boosted their price objective 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Truist Financial reduced their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. Finally, Stephens restated an “overweight” rating and set a $20.00 price objective 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.42.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $15.77 on Wednesday. The business has a 50-day simple moving average of $16.85 and a 200 day simple moving average of $17.42. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market capitalization of $17.43 billion, a price-to-earnings ratio of -52.57, a PEG ratio of 0.65 and a beta of 1.26.

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 $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.20%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio is currently -273.33%.

KeyCorp declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction on 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 purchase, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.61% of the stock is currently owned by insiders.

About KeyCorp

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.