KeyCorp (NYSE:KEY) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lowered its stake in shares of KeyCorp (NYSE:KEY) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,348 shares of the financial services provider’s stock after selling 2,328 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in KeyCorp were worth $897,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in shares of KeyCorp by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock valued at $19,149,000 after acquiring an additional 36,424 shares in the last quarter. Truist Financial Corp increased its holdings in shares of KeyCorp by 27.1% during the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock valued at $1,643,000 after acquiring an additional 20,424 shares in the last quarter. Avanza Fonder AB acquired a new position in shares of KeyCorp during the fourth quarter valued at about $1,618,000. Dai ichi Life Insurance Company Ltd acquired a new position in shares of KeyCorp during the third quarter valued at about $798,000. Finally, Prospector Partners LLC acquired a new position in shares of KeyCorp during the third quarter valued at about $9,630,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Trading Up 0.3 %

Shares of NYSE:KEY opened at $16.14 on Monday. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The firm has a market capitalization of $17.83 billion, a price-to-earnings ratio of -53.78, 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 current ratio of 0.85 and a quick ratio of 0.84. The business’s 50 day moving average price is $17.08 and its 200-day moving average price is $17.41.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.08%. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

KeyCorp declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial cut their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday. Keefe, Bruyette & Woods cut their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Piper Sandler increased their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Finally, Stephens reiterated an “overweight” rating and issued a $20.00 price target 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.58.

Insider Activity

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.61% of the company’s stock.

KeyCorp 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.