Potentia Wealth Makes New Investment in KeyCorp (NYSE:KEY)

Potentia Wealth purchased a new stake in shares of KeyCorp (NYSE:KEY) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 22,002 shares of the financial services provider’s stock, valued at approximately $377,000.

Other institutional investors have also modified their holdings of the company. Whittier Trust Co. boosted its stake in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC bought a new stake in shares of KeyCorp during the fourth quarter valued at approximately $27,000. Larson Financial Group LLC boosted its position in shares of KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after buying an additional 918 shares during the period. SBI Securities Co. Ltd. bought a new position in KeyCorp in the 4th quarter worth approximately $34,000. Finally, TCTC Holdings LLC increased its position in KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 611 shares during the period. Institutional investors own 79.69% of the company’s stock.

Insider Activity at KeyCorp

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

Analyst Upgrades and Downgrades

KEY has been the subject of several recent analyst reports. The Goldman Sachs Group increased their price target on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Barclays increased their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Truist Financial dropped their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday. DA Davidson decreased their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Finally, Citigroup dropped their target price on KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and an average price target of $19.53.

KeyCorp Stock Up 2.9 %

KEY stock opened at $16.62 on Tuesday. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market capitalization of $18.36 billion, a P/E ratio of -55.38, a P/E/G ratio of 0.65 and a beta of 1.26. The company’s 50 day simple moving average is $17.07 and its 200-day simple moving average is $17.41.

KeyCorp announced that its board has approved a stock buyback program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.94%. KeyCorp’s dividend payout ratio is -273.33%.

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.