Generali Asset Management SPA SGR Invests $106,000 in KeyCorp (NYSE:KEY)

Generali Asset Management SPA SGR bought a new position in KeyCorp (NYSE:KEY) during the fourth quarter, HoldingsChannel.com reports. The fund bought 6,179 shares of the financial services provider’s stock, valued at approximately $106,000.

A number of other institutional investors have also recently modified their holdings of the stock. TCTC Holdings LLC grew its stake in shares of KeyCorp by 38.6% in the fourth 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. Signaturefd LLC grew its stake in shares of KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 614 shares during the last quarter. Modera Wealth Management LLC grew its stake in shares of KeyCorp by 3.9% in the fourth 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 during the last quarter. Ballentine Partners LLC grew its stake in shares of KeyCorp by 5.7% in the fourth 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 grew its stake in shares of KeyCorp by 0.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider’s stock worth $3,008,000 after acquiring an additional 695 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Up 0.3 %

NYSE KEY opened at $16.14 on Friday. The stock’s 50-day moving average price is $17.08 and its 200-day moving average price is $17.40. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The company has a market capitalization of $17.83 billion, a P/E ratio of -53.78, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its board has initiated a stock repurchase program on Thursday, March 13th that allows the company to buyback $1.00 billion in 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 usually a sign that the company’s management believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 5.08%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is currently -273.33%.

Insider Transactions at KeyCorp

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Morgan Stanley lowered their price target on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Stephens reaffirmed an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Truist Financial lowered their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday. Finally, Keefe, Bruyette & Woods lowered their price target on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.58.

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.