PKS Advisory Services LLC Purchases Shares of 12,499 KeyCorp (NYSE:KEY)

PKS Advisory Services LLC acquired a new position in shares of KeyCorp (NYSE:KEY) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 12,499 shares of the financial services provider’s stock, valued at approximately $214,000.

Several other hedge funds have also modified their holdings of KEY. Vanguard Group Inc. raised its position in KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares in the last quarter. Azora Capital LP purchased a new position in KeyCorp in the third quarter worth approximately $92,413,000. Raymond James Financial Inc. acquired a new position in KeyCorp during the 4th quarter worth approximately $42,827,000. Victory Capital Management Inc. grew its holdings in KeyCorp by 57.0% during the 4th quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock worth $101,916,000 after acquiring an additional 2,157,901 shares in the last quarter. Finally, National Pension Service raised its holdings in shares of KeyCorp by 1,124.8% in the 4th quarter. National Pension Service now owns 1,679,582 shares of the financial services provider’s stock valued at $28,788,000 after purchasing an additional 1,542,456 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on KEY shares. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a report on Monday, February 3rd. Truist Financial cut their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. DA Davidson lowered their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Finally, Barclays upped their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.53.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.61% of the stock is owned by insiders.

KeyCorp Price Performance

Shares of NYSE KEY opened at $16.58 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $18.32 billion, a PE ratio of -55.26, a P/E/G ratio of 0.65 and a beta of 1.26. The stock has a fifty day moving average price of $17.05 and a 200 day moving average price of $17.42. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 4.95%. KeyCorp’s dividend payout ratio is currently -273.33%.

KeyCorp announced that its Board of Directors has approved a stock buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.