59,658 Shares in KeyCorp (NYSE:KEY) Acquired by Summit Global Investments

Summit Global Investments purchased a new position in KeyCorp (NYSE:KEY) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 59,658 shares of the financial services provider’s stock, valued at approximately $1,023,000.

Other large investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in KeyCorp by 3.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock worth $19,149,000 after purchasing an additional 36,424 shares in the last quarter. Truist Financial Corp lifted its holdings in KeyCorp by 27.1% in the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock worth $1,643,000 after purchasing an additional 20,424 shares in the last quarter. Avanza Fonder AB bought a new stake in KeyCorp in the 4th quarter worth approximately $1,618,000. Dai ichi Life Insurance Company Ltd bought a new stake in KeyCorp in the 3rd quarter worth approximately $798,000. Finally, Prospector Partners LLC bought a new stake in KeyCorp in the 3rd quarter worth approximately $9,630,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

KEY has been the topic of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Truist Financial reduced their price objective on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday. Keefe, Bruyette & Woods reduced their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Barclays lifted their price objective on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $18.50 target price on shares of KeyCorp in a research report on Monday, February 3rd. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.58.

KeyCorp Price Performance

KEY opened at $16.14 on Friday. The business has a fifty day moving average of $17.08 and a 200 day moving average of $17.40. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock has a market cap of $17.83 billion, a P/E ratio of -53.78, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.08%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is -273.33%.

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.