Polymer Capital Management US LLC Makes New Investment in KeyCorp (NYSE:KEY)

Polymer Capital Management US LLC bought a new stake in KeyCorp (NYSE:KEY) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 18,732 shares of the financial services provider’s stock, valued at approximately $321,000.

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

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the purchase, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.61% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY stock opened at $13.49 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The company has a market cap of $14.78 billion, a PE ratio of -44.95, a P/E/G ratio of 0.65 and a beta of 1.06. The company’s fifty day simple moving average is $16.59 and its 200-day simple moving average is $17.35. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

KeyCorp announced that its board has initiated a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 6.08%. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

Analyst Ratings Changes

Several brokerages have issued reports on KEY. JPMorgan Chase & Co. reduced their price target on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Baird R W upgraded KeyCorp from a “hold” rating to a “strong-buy” rating in a report on Monday. Wells Fargo & Company cut their price target on KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Barclays upped their price objective on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Truist Financial cut their target price on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Friday, March 21st. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

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.