Schroder Investment Management Group Decreases Holdings in KeyCorp (NYSE:KEY)

Schroder Investment Management Group lowered its stake in KeyCorp (NYSE:KEY) by 46.5% in the 4th quarter, HoldingsChannel reports. The fund owned 523,200 shares of the financial services provider’s stock after selling 455,421 shares during the period. Schroder Investment Management Group’s holdings in KeyCorp were worth $8,952,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Whittier Trust Co. boosted its holdings in shares of KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC bought a new position in KeyCorp during the fourth quarter valued at $27,000. SBI Securities Co. Ltd. purchased a new stake in shares of KeyCorp in the fourth quarter valued at $34,000. TCTC Holdings LLC lifted its holdings in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 611 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in shares of KeyCorp in the 4th quarter worth about $45,000. 79.69% of the stock is owned by institutional investors.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the company’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 in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

Shares of KEY stock opened at $13.45 on Friday. The stock’s 50-day moving average is $16.67 and its 200 day moving average is $17.36. KeyCorp has a 1-year low of $12.73 and a 1-year 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 company has a market cap of $14.74 billion, a P/E ratio of -44.83, a PEG ratio of 0.65 and a beta of 1.06.

KeyCorp announced that its Board of Directors has authorized a share buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 6.10%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is currently -273.33%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Stephens reissued an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Truist Financial reduced their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, March 21st. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. DA Davidson reduced their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company lowered their target price on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

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.