KeyCorp (NYSE:KEY) Stock Position Boosted by iA Global Asset Management Inc.

iA Global Asset Management Inc. boosted its stake in KeyCorp (NYSE:KEY) by 34.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 92,192 shares of the financial services provider’s stock after acquiring an additional 23,871 shares during the quarter. iA Global Asset Management Inc.’s holdings in KeyCorp were worth $1,580,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KEY. OneDigital Investment Advisors LLC boosted its position in shares of KeyCorp by 15.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 16,772 shares of the financial services provider’s stock valued at $281,000 after purchasing an additional 2,256 shares in the last quarter. Pathstone Holdings LLC boosted its position in shares of KeyCorp by 1.2% during the 3rd quarter. Pathstone Holdings LLC now owns 205,485 shares of the financial services provider’s stock valued at $3,442,000 after purchasing an additional 2,477 shares in the last quarter. Caprock Group LLC bought a new position in shares of KeyCorp during the 3rd quarter valued at about $354,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in KeyCorp during the third quarter valued at about $2,704,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in KeyCorp during the third quarter valued at about $582,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Up 0.3 %

KEY stock opened at $16.14 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $17.83 billion, a PE ratio of -53.78, a PEG ratio of 0.65 and a beta of 1.26. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04. The business’s 50 day simple moving average is $17.08 and its 200 day simple moving average is $17.40.

KeyCorp announced that its Board of Directors has authorized 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 purchase up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.08%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is -273.33%.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp stock in a transaction dated 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 acquisition, the director now owns 162,983,726 shares in the company, 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 link. Insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

KEY has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Morgan Stanley reduced their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. DA Davidson reduced their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Truist Financial reduced their price objective on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Friday. Finally, Barclays upped their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.58.

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.