Independent Advisor Alliance Invests $183,000 in KeyCorp (NYSE:KEY)

Independent Advisor Alliance acquired a new stake in shares of KeyCorp (NYSE:KEY) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,652 shares of the financial services provider’s stock, valued at approximately $183,000.

A number of other large investors have also recently bought and sold shares of KEY. Azora Capital LP bought a new position in shares of KeyCorp during the third quarter worth about $92,413,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of KeyCorp by 164.9% in the third 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. Raymond James Financial Inc. acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $42,827,000. Victory Capital Management Inc. raised its holdings in shares of KeyCorp by 57.0% during the fourth quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock valued at $101,916,000 after buying an additional 2,157,901 shares during the last quarter. Finally, National Pension Service boosted its position in shares of KeyCorp by 1,124.8% during the fourth quarter. National Pension Service now owns 1,679,582 shares of the financial services provider’s stock worth $28,788,000 after buying an additional 1,542,456 shares during the period. Institutional investors own 79.69% of the company’s stock.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was 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. The trade was a 0.03 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.61% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on KEY shares. Barclays boosted their price target on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Truist Financial initiated coverage on shares of KeyCorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $19.00 price target on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Citigroup upgraded KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Monday, March 10th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a research note 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.64.

KeyCorp Stock Performance

KEY stock opened at $16.11 on Friday. The firm has a 50 day simple moving average of $17.09 and a 200 day simple moving average of $17.40. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The stock has a market cap of $17.80 billion, a P/E ratio of -53.69, a P/E/G 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 declared that its board has authorized a stock buyback plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

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.