Thrivent Financial for Lutherans Acquires 322,150 Shares of KeyCorp (NYSE:KEY)

Thrivent Financial for Lutherans boosted its position in KeyCorp (NYSE:KEY) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,174,383 shares of the financial services provider’s stock after acquiring an additional 322,150 shares during the period. Thrivent Financial for Lutherans owned 0.62% of KeyCorp worth $105,829,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Apollon Wealth Management LLC lifted its position in KeyCorp by 25.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 24,645 shares of the financial services provider’s stock valued at $413,000 after acquiring an additional 5,077 shares during the period. OneDigital Investment Advisors LLC grew its position in KeyCorp by 15.5% during the third quarter. OneDigital Investment Advisors LLC now owns 16,772 shares of the financial services provider’s stock valued at $281,000 after buying an additional 2,256 shares during the period. CIBC Asset Management Inc grew its position 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 valued at $2,269,000 after buying an additional 8,901 shares during the period. Empirical Finance LLC lifted its holdings in KeyCorp by 2.2% during the third quarter. Empirical Finance LLC now owns 32,361 shares of the financial services provider’s stock valued at $542,000 after purchasing an additional 705 shares in the last quarter. Finally, Natixis Advisors LLC lifted 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 valued at $11,549,000 after purchasing an additional 104,689 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Up 0.8 %

KEY stock opened at $15.81 on Tuesday. The firm has a 50 day moving average of $17.16 and a 200 day moving average of $17.43. The stock has a market capitalization of $17.47 billion, a PE ratio of -52.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

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

Wall Street Analysts Forecast Growth

KEY has been the topic of several research analyst reports. DA Davidson lowered their target price 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. Keefe, Bruyette & Woods lowered their price objective 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. Truist Financial started 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Stephens reaffirmed an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and an average target price of $19.64.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, with a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.61% of the stock is currently owned by insiders.

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.