Alliancebernstein L.P. Sells 150,185 Shares of KeyCorp (NYSE:KEY)

Alliancebernstein L.P. reduced its position in shares of KeyCorp (NYSE:KEY) by 11.3% in the 4th quarter, HoldingsChannel reports. The firm owned 1,181,732 shares of the financial services provider’s stock after selling 150,185 shares during the period. Alliancebernstein L.P.’s holdings in KeyCorp were worth $20,255,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. TCTC Holdings LLC grew its stake in KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after buying an additional 611 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of KeyCorp by 16.0% in the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 614 shares in the last quarter. Modera Wealth Management LLC boosted its holdings in shares of KeyCorp by 3.9% in the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock worth $283,000 after acquiring an additional 627 shares in the last quarter. Ballentine Partners LLC grew its position in KeyCorp by 5.7% during the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 692 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in KeyCorp by 0.4% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider’s stock valued at $3,008,000 after purchasing an additional 695 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Performance

Shares of KEY opened at $13.49 on Tuesday. The company has a market cap of $14.78 billion, a PE ratio of -44.95, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The firm has a 50-day moving average of $16.59 and a 200-day moving average of $17.35. KeyCorp has a one year low of $12.73 and a one 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.

KeyCorp declared that its Board of Directors has approved a share buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding 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 often an indication that the company’s board believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, with a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.61% of the company’s stock.

Analyst Ratings Changes

KEY has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Citigroup cut their price target on KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 24th. Barclays upped their price target on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. lowered their price objective on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Finally, Stephens reiterated an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

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.