Sequoia Financial Advisors LLC Acquires 5,231 Shares of KeyCorp (NYSE:KEY)

Sequoia Financial Advisors LLC raised its holdings in shares of KeyCorp (NYSE:KEY) by 8.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 65,712 shares of the financial services provider’s stock after buying an additional 5,231 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in KeyCorp were worth $1,126,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock valued at $19,149,000 after purchasing an additional 36,424 shares during the last quarter. Truist Financial Corp lifted its stake in shares of KeyCorp by 27.1% in the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock valued at $1,643,000 after buying an additional 20,424 shares during the period. Avanza Fonder AB acquired a new stake in KeyCorp during the fourth quarter worth about $1,618,000. Dai ichi Life Insurance Company Ltd bought a new position in KeyCorp during the third quarter valued at about $798,000. Finally, Prospector Partners LLC acquired a new position in KeyCorp in the 3rd quarter valued at approximately $9,630,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KEY has been the topic of a number of research reports. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Citigroup upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Monday, March 10th. Truist Financial began coverage on shares of KeyCorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $19.00 target price on the stock. Barclays increased their price target on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.64.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $15.68 on Friday. The business has a fifty day moving average of $17.19 and a 200-day moving average of $17.43. The firm has a market cap of $17.32 billion, a PE ratio of -52.25, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. 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 has a twelve month low of $13.11 and a twelve month high of $20.04.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.23%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio is presently -273.33%.

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

Insider Transactions at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction dated 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 completion of the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.61% of the stock is owned by company 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.