KLP Kapitalforvaltning AS Makes New $5.74 Million Investment in KeyCorp (NYSE:KEY)

KLP Kapitalforvaltning AS purchased a new stake in KeyCorp (NYSE:KEY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 334,762 shares of the financial services provider’s stock, valued at approximately $5,738,000.

Other hedge funds also recently made changes to their positions in the company. Azora Capital LP acquired a new stake in KeyCorp during the 3rd quarter valued at approximately $92,413,000. Raymond James Financial Inc. bought a new stake in shares of KeyCorp in the 4th quarter valued at $42,827,000. 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 buying an additional 2,157,901 shares during the period. National Pension Service raised its stake in KeyCorp by 1,124.8% during the fourth quarter. National Pension Service now owns 1,679,582 shares of the financial services provider’s stock worth $28,788,000 after buying an additional 1,542,456 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in KeyCorp by 1,974.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,541,680 shares of the financial services provider’s stock valued at $25,823,000 after buying an additional 1,467,351 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays increased their price target on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Stephens reiterated an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Piper Sandler increased their price target on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Citigroup dropped their target price on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.53.

KeyCorp Price Performance

KEY stock opened at $16.58 on Wednesday. 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 business has a 50-day simple moving average of $17.05 and a two-hundred day simple moving average of $17.42. The company has a market capitalization of $18.32 billion, a P/E ratio of -55.26, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 4.95%. KeyCorp’s payout ratio is -273.33%.

KeyCorp declared that its Board of Directors has authorized a share repurchase program on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, 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 can be accessed through this link. 0.61% of the stock is currently owned by 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.