DnB Asset Management AS Cuts Stock Position in KeyCorp (NYSE:KEY)

DnB Asset Management AS decreased its position in shares of KeyCorp (NYSE:KEY) by 78.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,325 shares of the financial services provider’s stock after selling 579,726 shares during the period. DnB Asset Management AS’s holdings in KeyCorp were worth $2,799,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of KeyCorp during the fourth quarter worth about $153,235,000. Vanguard Group Inc. lifted its holdings in KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after buying an additional 7,754,576 shares in the last quarter. Azora Capital LP purchased a new position in KeyCorp in the 3rd quarter valued at approximately $92,413,000. Raymond James Financial Inc. acquired a new position in shares of KeyCorp in the fourth quarter worth $42,827,000. Finally, Victory Capital Management Inc. increased its position in shares of KeyCorp by 57.0% during the fourth quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock worth $101,916,000 after acquiring an additional 2,157,901 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

NYSE KEY opened at $16.01 on Tuesday. The company has a fifty day moving average of $16.88 and a two-hundred day moving average of $17.42. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The company has a market capitalization of $17.69 billion, a PE ratio of -53.35, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its Board of Directors has authorized a stock repurchase 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 buy up to 6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are 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 paid 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 5.12%. KeyCorp’s dividend payout ratio is presently -273.33%.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on KEY shares. Keefe, Bruyette & Woods decreased their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Morgan Stanley decreased their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Barclays upped their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. DA Davidson decreased their price target 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. Finally, Stephens reiterated an “overweight” rating and set a $20.00 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 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 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.