Essex Financial Services Inc. Boosts Holdings in KeyCorp (NYSE:KEY)

Essex Financial Services Inc. lifted its position in shares of KeyCorp (NYSE:KEY) by 32.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,546 shares of the financial services provider’s stock after buying an additional 7,409 shares during the period. Essex Financial Services Inc.’s holdings in KeyCorp were worth $524,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Azora Capital LP acquired a new stake in shares of KeyCorp during the 3rd quarter worth about $92,413,000. Assenagon Asset Management S.A. increased its position in shares of KeyCorp by 280.3% during the third quarter. Assenagon Asset Management S.A. now owns 4,976,965 shares of the financial services provider’s stock valued at $83,364,000 after acquiring an additional 3,668,168 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of KeyCorp by 108.3% during the third quarter. Thrivent Financial for Lutherans now owns 5,852,233 shares of the financial services provider’s stock valued at $98,025,000 after acquiring an additional 3,042,060 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of KeyCorp by 164.9% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,660,680 shares of the financial services provider’s stock valued at $78,066,000 after acquiring an additional 2,900,971 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of KeyCorp by 279.6% in the 3rd quarter. Victory Capital Management Inc. now owns 3,788,173 shares of the financial services provider’s stock worth $63,452,000 after acquiring an additional 2,790,192 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KEY. Piper Sandler boosted their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Morgan Stanley cut their price objective on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. restated a “neutral” rating and set a $18.50 target price on shares of KeyCorp in a report on Monday, February 3rd. Citigroup lowered shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a research note on Thursday, November 7th. Finally, Stephens reissued an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.69.

Insider Buying and Selling

In related 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 purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now directly 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.61% of the stock is owned by company insiders.

KeyCorp Stock Performance

NYSE:KEY opened at $17.61 on Thursday. KeyCorp has a 12 month low of $13.10 and a 12 month high of $20.04. 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 firm has a market capitalization of $17.46 billion, a PE ratio of -58.70, a price-to-earnings-growth ratio of 0.66 and a beta of 1.26. The business’s fifty day moving average price is $17.66 and its 200 day moving average price is $17.30.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.32%.

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.