KeyCorp (NYSE:KEY) Stock Position Lowered by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. lowered its position in shares of KeyCorp (NYSE:KEY) by 7.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,715 shares of the financial services provider’s stock after selling 1,189 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in KeyCorp were worth $252,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of KEY. Principal Financial Group Inc. increased its holdings in shares of KeyCorp by 3.4% in 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 buying an additional 36,424 shares in the last quarter. Truist Financial Corp raised its position 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 worth $1,643,000 after purchasing an additional 20,424 shares during the period. Avanza Fonder AB acquired a new stake in shares of KeyCorp during the fourth quarter worth $1,618,000. Dai ichi Life Insurance Company Ltd acquired a new position in shares of KeyCorp in the 3rd quarter valued at $798,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in KeyCorp in the 3rd quarter worth about $582,000. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Stock Down 2.3 %

KeyCorp stock opened at $15.80 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. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04. The firm’s fifty day simple moving average is $16.93 and its 200-day simple moving average is $17.40. The company has a market capitalization of $17.46 billion, a P/E ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its board has initiated a share buyback plan on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

KeyCorp Dividend Announcement

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 dividend of $0.205 per share. 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 (DPR) is presently -273.33%.

Insider Activity

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired 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 approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.61% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

KEY has been the subject of a number of analyst reports. 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, March 21st. Citigroup decreased their price objective on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Wells Fargo & Company cut their target price on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a research report on Monday, February 3rd. Finally, DA Davidson dropped their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.42.

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.