Modern Wealth Management LLC Purchases New Shares in KeyCorp (NYSE:KEY)

Modern Wealth Management LLC acquired a new position in KeyCorp (NYSE:KEY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,515 shares of the financial services provider’s stock, valued at approximately $184,000.

A number of other large investors have also recently made changes to their positions in KEY. TCTC Holdings LLC lifted its holdings in shares of 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 last quarter. Signaturefd LLC lifted its stake in shares of KeyCorp by 16.0% in the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 614 shares during the last quarter. Modera Wealth Management LLC boosted its holdings in shares of KeyCorp by 3.9% in the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock worth $283,000 after purchasing an additional 627 shares during the period. Ballentine Partners LLC increased its position in shares of KeyCorp by 5.7% during the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock valued at $220,000 after purchasing an additional 692 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in KeyCorp by 0.4% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider’s stock valued at $3,008,000 after buying an additional 695 shares during the period. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of KEY opened at $15.80 on Friday. 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 company has a 50 day moving average price of $16.93 and a 200-day moving average price of $17.40. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The stock has a market capitalization of $17.46 billion, a PE ratio of -52.65, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders 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 5.19%. KeyCorp’s dividend payout ratio is currently -273.33%.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm’s stock in a transaction 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 completion of the transaction, 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 position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. DA Davidson cut their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods cut their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Piper Sandler raised their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company dropped their target price on KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.42.

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.