1ST Source Bank Sells 3,262 Shares of KeyCorp (NYSE:KEY)

1ST Source Bank cut its position in shares of KeyCorp (NYSE:KEY) by 10.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,638 shares of the financial services provider’s stock after selling 3,262 shares during the period. 1ST Source Bank’s holdings in KeyCorp were worth $474,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of KEY. Ethos Financial Group LLC bought a new position in shares of KeyCorp in the 4th quarter worth $27,000. Larson Financial Group LLC raised its position in shares of KeyCorp by 90.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 918 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp in the 4th quarter worth $34,000. TCTC Holdings LLC raised its position 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 worth $38,000 after acquiring an additional 611 shares in the last quarter. Finally, Whipplewood Advisors LLC bought a new position in shares of KeyCorp in the 4th quarter worth $45,000. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on KEY shares. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. DA Davidson dropped their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. Piper Sandler boosted their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Citigroup upgraded KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Monday, March 10th. Finally, The Goldman Sachs Group boosted their price target on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and an average target price of $19.64.

KeyCorp Stock Performance

NYSE KEY opened at $15.81 on Tuesday. The stock has a market capitalization of $17.47 billion, a price-to-earnings ratio of -52.68, a PEG ratio of 0.65 and a beta of 1.26. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average of $17.16 and a 200 day moving average of $17.43.

KeyCorp declared that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. 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 payout ratio is -273.33%.

KeyCorp Company 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.