Holderness Investments Co. Trims Position in KeyCorp (NYSE:KEY)

Holderness Investments Co. trimmed its position in shares of KeyCorp (NYSE:KEY) by 16.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 33,369 shares of the financial services provider’s stock after selling 6,452 shares during the period. Holderness Investments Co.’s holdings in KeyCorp were worth $572,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in KEY. Whittier Trust Co. increased its stake 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 acquiring an additional 800 shares during the last quarter. Ethos Financial Group LLC purchased a new stake in shares of KeyCorp during the 4th quarter worth about $27,000. Larson Financial Group LLC increased its position in KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 918 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in KeyCorp in the fourth quarter valued at approximately $34,000. Finally, TCTC Holdings LLC lifted its position in KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after buying an additional 611 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Price Performance

KEY opened at $16.11 on Friday. The company has a market capitalization of $17.80 billion, a P/E ratio of -53.69, a PEG ratio of 0.65 and a beta of 1.26. The company has a 50-day moving average of $17.09 and a 200-day moving average of $17.40. 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 has a 1-year low of $13.11 and a 1-year high of $20.04.

KeyCorp declared that its board has approved a share repurchase program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 5.09%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is currently -273.33%.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated 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. The trade was a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.61% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on KEY. The Goldman Sachs Group raised their target price on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler raised their price objective on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Truist Financial started coverage on KeyCorp in a research report on Tuesday, January 7th. They issued a “hold” rating and a $19.00 target price for the company. Barclays raised their target price on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, Keefe, Bruyette & Woods decreased their price target on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $19.64.

KeyCorp Company 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.