Everstar Asset Management LLC Grows Position in KeyCorp (NYSE:KEY)

Everstar Asset Management LLC grew its stake in KeyCorp (NYSE:KEY) by 9.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 21,465 shares of the financial services provider’s stock after buying an additional 1,840 shares during the period. Everstar Asset Management LLC’s holdings in KeyCorp were worth $368,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Cerity Partners LLC raised its stake in KeyCorp by 31.5% in the 3rd quarter. Cerity Partners LLC now owns 195,456 shares of the financial services provider’s stock worth $3,274,000 after acquiring an additional 46,835 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 918 shares during the period. Townsquare Capital LLC raised its stake in shares of KeyCorp by 34.0% in the third quarter. Townsquare Capital LLC now owns 34,715 shares of the financial services provider’s stock worth $581,000 after purchasing an additional 8,814 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of KeyCorp by 14.3% during the third quarter. Glenmede Trust Co. NA now owns 67,102 shares of the financial services provider’s stock worth $1,124,000 after purchasing an additional 8,399 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in KeyCorp by 3.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock valued at $119,170,000 after buying an additional 222,187 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Wells Fargo & Company decreased their target price on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Friday. Truist Financial cut their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Finally, Morgan Stanley dropped their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.42.

KeyCorp Stock Performance

KEY opened at $15.80 on Monday. The firm’s fifty day simple moving average is $16.93 and its two-hundred day simple moving average is $17.42. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The company has a market cap of $17.46 billion, a price-to-earnings ratio of -52.65, a PEG ratio of 0.65 and a beta of 1.26. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 5.19%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is -273.33%.

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

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.61% of the stock is owned by company insiders.

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.