Cozad Asset Management Inc. Sells 1,932 Shares of KeyCorp (NYSE:KEY)

Cozad Asset Management Inc. lowered its holdings in KeyCorp (NYSE:KEY) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 123,271 shares of the financial services provider’s stock after selling 1,932 shares during the period. Cozad Asset Management Inc.’s holdings in KeyCorp were worth $2,113,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of KeyCorp by 3.4% in the fourth 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 period. Truist Financial Corp raised its position 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 purchasing an additional 20,424 shares during the period. Avanza Fonder AB bought a new stake in shares of KeyCorp in the fourth quarter valued at approximately $1,618,000. Dai ichi Life Insurance Company Ltd purchased a new position in KeyCorp during the third quarter valued at approximately $798,000. Finally, Prospector Partners LLC purchased a new position in KeyCorp during the third quarter valued at approximately $9,630,000. Institutional investors own 79.69% of the company’s stock.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is currently owned by company insiders.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $15.81 on Tuesday. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The stock has a market capitalization of $17.47 billion, a price-to-earnings ratio of -52.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company has a fifty day moving average of $17.16 and a 200-day moving average of $17.43. 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 announced that its board has approved a share buyback 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 stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 5.19%. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

Wall Street Analyst Weigh In

KEY has been the subject of several recent analyst reports. Morgan Stanley reduced their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Piper Sandler boosted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Stephens reaffirmed an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, 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 price target for the company. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

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.