Fox Run Management L.L.C. Takes $443,000 Position in KeyCorp (NYSE:KEY)

Fox Run Management L.L.C. purchased a new position in shares of KeyCorp (NYSE:KEY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 25,826 shares of the financial services provider’s stock, valued at approximately $443,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Azora Capital LP acquired a new position in shares of KeyCorp during the third quarter worth $92,413,000. Raymond James Financial Inc. purchased a new stake in KeyCorp during the 4th quarter worth $42,827,000. Victory Capital Management Inc. lifted its holdings in 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 worth $101,916,000 after buying an additional 2,157,901 shares in the last quarter. National Pension Service boosted its position in KeyCorp by 1,124.8% in the 4th quarter. National Pension Service now owns 1,679,582 shares of the financial services provider’s stock valued at $28,788,000 after buying an additional 1,542,456 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in shares of KeyCorp by 1,974.1% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,541,680 shares of the financial services provider’s stock valued at $25,823,000 after acquiring an additional 1,467,351 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.50 price target on shares of KeyCorp in a report on Monday, February 3rd. Truist Financial decreased their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Stephens reaffirmed an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. 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 report on Monday. Finally, Piper Sandler increased their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.53.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the 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 completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.61% of the stock is owned by company insiders.

KeyCorp Price Performance

NYSE KEY opened at $16.58 on Wednesday. The company has a 50-day moving average price of $17.05 and a two-hundred day moving average price of $17.42. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The stock has a market cap of $18.32 billion, a price-to-earnings ratio of -55.26, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.95%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is currently -273.33%.

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

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.