Atria Investments Inc Sells 17,356 Shares of KeyCorp (NYSE:KEY)

Atria Investments Inc decreased its holdings in shares of KeyCorp (NYSE:KEY) by 49.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,805 shares of the financial services provider’s stock after selling 17,356 shares during the period. Atria Investments Inc’s holdings in KeyCorp were worth $305,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Azora Capital LP purchased a new position in shares of KeyCorp during the third quarter valued at approximately $92,413,000. Thrivent Financial for Lutherans boosted its holdings in KeyCorp by 108.3% in 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in KeyCorp by 164.9% during 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 purchasing an additional 2,900,971 shares during the period. Victory Capital Management Inc. raised its holdings in KeyCorp by 57.0% in 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 purchasing an additional 2,157,901 shares in the last quarter. Finally, National Pension Service lifted its position 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 worth $28,788,000 after purchasing an additional 1,542,456 shares during the period. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on KEY. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $18.50 price target on shares of KeyCorp in a research report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Piper Sandler raised their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Citigroup upgraded KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Monday, March 10th. Finally, Stephens reiterated an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.64.

KeyCorp Stock Performance

Shares of KEY stock opened at $15.81 on Tuesday. The company has a market capitalization of $17.47 billion, a price-to-earnings ratio of -52.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. 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 one year low of $13.11 and a one year high of $20.04. The company’s 50-day moving average is $17.16 and its 200 day moving average is $17.43.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.19%. KeyCorp’s dividend payout ratio is presently -273.33%.

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

Insider Activity

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The purchase 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.

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.