Securian Asset Management Inc. Acquires 1,943 Shares of KeyCorp (NYSE:KEY)

Securian Asset Management Inc. grew its holdings in KeyCorp (NYSE:KEY) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,275 shares of the financial services provider’s stock after purchasing an additional 1,943 shares during the period. Securian Asset Management Inc.’s holdings in KeyCorp were worth $913,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Sequoia Financial Advisors LLC raised its position in shares of KeyCorp by 8.6% in the fourth quarter. Sequoia Financial Advisors LLC now owns 65,712 shares of the financial services provider’s stock valued at $1,126,000 after purchasing an additional 5,231 shares during the period. Net Worth Advisory Group bought a new stake in shares of KeyCorp in the fourth quarter valued at approximately $297,000. Independent Advisor Alliance bought a new stake in shares of KeyCorp in the fourth quarter valued at approximately $183,000. Johnson Investment Counsel Inc. raised its position in shares of KeyCorp by 16.4% in the fourth quarter. Johnson Investment Counsel Inc. now owns 23,787 shares of the financial services provider’s stock valued at $408,000 after purchasing an additional 3,357 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in KeyCorp by 10.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 126,599 shares of the financial services provider’s stock valued at $2,170,000 after acquiring an additional 12,124 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Up 3.5 %

Shares of KEY opened at $15.68 on Friday. The firm has a 50 day moving average price of $17.19 and a 200-day moving average price of $17.43. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $17.32 billion, a price-to-earnings ratio of -52.25, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its board has approved 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 repurchase up to 6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 5.23%. KeyCorp’s dividend payout ratio is currently -273.33%.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

KEY has been the subject of several recent analyst reports. 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 initiated coverage on shares of KeyCorp in a research note on Tuesday, January 7th. They set a “hold” rating and a $19.00 price objective for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Citigroup raised shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Monday, March 10th. Finally, The Goldman Sachs Group boosted their price objective on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

KeyCorp Company 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.