Avantax Advisory Services Inc. Purchases 5,706 Shares of KeyCorp (NYSE:KEY)

Avantax Advisory Services Inc. boosted its position in KeyCorp (NYSE:KEY) by 7.9% during the 4th quarter, Holdings Channel reports. The fund owned 77,711 shares of the financial services provider’s stock after buying an additional 5,706 shares during the period. Avantax Advisory Services Inc.’s holdings in KeyCorp were worth $1,332,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in KEY. Ethos Financial Group LLC bought a new position in KeyCorp in the fourth quarter worth approximately $27,000. Larson Financial Group LLC lifted 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 in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp in the fourth quarter valued at approximately $34,000. Whipplewood Advisors LLC bought a new position in shares of KeyCorp in the fourth quarter valued at approximately $45,000. Finally, Crews Bank & Trust bought a new position in shares of KeyCorp in the fourth quarter valued at approximately $51,000. Institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of recent research reports. Piper Sandler raised their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. DA Davidson dropped their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Stephens restated an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, Barclays increased their price target on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $19.64.

Insider Activity

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, for a total transaction 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 trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.61% of the stock is owned by company insiders.

KeyCorp Stock Performance

NYSE:KEY opened at $15.86 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The business has a fifty day simple moving average of $17.13 and a two-hundred day simple moving average of $17.42. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The company has a market capitalization of $17.52 billion, a P/E ratio of -52.85, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.17%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

KeyCorp declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes 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 board believes its shares are undervalued.

About KeyCorp

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.