KeyCorp (NYSE:KEY) Shares Bought by Mizuho Securities USA LLC

Mizuho Securities USA LLC lifted its stake in shares of KeyCorp (NYSE:KEY) by 56.1% during the fourth quarter, Holdings Channel reports. The firm owned 93,948 shares of the financial services provider’s stock after buying an additional 33,765 shares during the period. Mizuho Securities USA LLC’s holdings in KeyCorp were worth $1,610,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in KEY. Connor Clark & Lunn Investment Management Ltd. acquired a new position in KeyCorp during the 3rd quarter valued at about $582,000. Raymond James Trust N.A. boosted its position in shares of KeyCorp by 54.9% during the third quarter. Raymond James Trust N.A. now owns 46,721 shares of the financial services provider’s stock worth $783,000 after buying an additional 16,566 shares during the period. Nwam LLC boosted its position in shares of KeyCorp by 17.7% during the third quarter. Nwam LLC now owns 18,719 shares of the financial services provider’s stock worth $314,000 after buying an additional 2,821 shares during the period. Cerity Partners LLC grew its holdings 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 buying an additional 46,835 shares in the last quarter. Finally, Pitcairn Co. increased its position in KeyCorp by 9.9% in the 3rd quarter. Pitcairn Co. now owns 13,871 shares of the financial services provider’s stock valued at $232,000 after acquiring an additional 1,247 shares during the period. Institutional investors own 79.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on KEY. Morgan Stanley reduced their price target on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Truist Financial decreased their target price on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Piper Sandler boosted their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company 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. KeyCorp has a one year low of $13.11 and a one year high of $20.04. The firm has a 50-day moving average of $17.05 and a two-hundred day moving average of $17.42. The firm has a market capitalization of $18.32 billion, a PE ratio of -55.26, a P/E/G ratio of 0.65 and a beta of 1.26. The company has a current ratio of 0.85, a quick ratio of 0.84 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 paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.95%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is -273.33%.

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

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.61% of the company’s stock.

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.