Korea Investment CORP Has $3.17 Million Position in KeyCorp (NYSE:KEY)

Korea Investment CORP cut its holdings in KeyCorp (NYSE:KEY) by 33.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 184,758 shares of the financial services provider’s stock after selling 94,400 shares during the quarter. Korea Investment CORP’s holdings in KeyCorp were worth $3,167,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in KEY. Vanguard Group Inc. lifted its position in shares of KeyCorp by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after buying an additional 1,452,179 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in KeyCorp by 5.5% in the 4th quarter. Thrivent Financial for Lutherans now owns 6,174,383 shares of the financial services provider’s stock valued at $105,829,000 after buying an additional 322,150 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of KeyCorp by 57.0% in the 4th 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 period. Finally, Raymond James Financial Inc. bought a new stake in shares of KeyCorp during the fourth quarter worth $42,827,000. 79.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on KEY. Truist Financial lowered their price objective on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Barclays lifted their price target on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Wells Fargo & Company cut their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. DA Davidson dropped their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods reduced their price target on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.42.

KeyCorp Trading Down 1.4 %

NYSE:KEY opened at $15.77 on Wednesday. The company has a market cap of $17.43 billion, a P/E ratio of -52.57, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04. The business has a 50 day moving average price of $16.85 and a two-hundred day moving average price of $17.42. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.20%. KeyCorp’s payout ratio is currently -273.33%.

KeyCorp announced that its Board of Directors has initiated a share repurchase program 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 reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased 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 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.61% of the company’s stock.

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.