PGGM Investments Grows Stock Position in KeyCorp (NYSE:KEY)

PGGM Investments increased its holdings in shares of KeyCorp (NYSE:KEY) by 30.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,960 shares of the financial services provider’s stock after purchasing an additional 4,657 shares during the quarter. PGGM Investments’ holdings in KeyCorp were worth $342,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ethos Financial Group LLC purchased a new position in KeyCorp during the fourth quarter worth about $27,000. Larson Financial Group LLC lifted its position in KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after buying an additional 918 shares during the period. SBI Securities Co. Ltd. purchased a new position in KeyCorp during the fourth quarter worth about $34,000. Venturi Wealth Management LLC lifted its position in KeyCorp by 62.9% during the third quarter. Venturi Wealth Management LLC now owns 2,526 shares of the financial services provider’s stock worth $42,000 after buying an additional 975 shares during the period. Finally, Whipplewood Advisors LLC purchased a new position in KeyCorp during the fourth quarter worth about $45,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Trading Up 3.5 %

NYSE:KEY opened at $15.68 on Friday. 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 business’s 50 day moving average is $17.19 and its two-hundred day moving average is $17.43. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The company has a market cap of $17.32 billion, a PE ratio of -52.25, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp declared that its board has approved a share repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is 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 dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is presently -273.33%.

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the acquisition, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.61% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of research reports. Morgan Stanley cut their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday. Keefe, Bruyette & Woods cut their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. DA Davidson cut their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Finally, Wells Fargo & Company raised their price objective on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.64.

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.