KeyCorp (NYSE:KEY) Shares Bought by National Bank of Canada FI

National Bank of Canada FI lifted its stake in shares of KeyCorp (NYSE:KEY) by 162.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,191,485 shares of the financial services provider’s stock after buying an additional 1,356,217 shares during the quarter. National Bank of Canada FI owned about 0.22% of KeyCorp worth $37,562,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Whittier Trust Co. boosted its stake in KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 800 shares in the last quarter. Ethos Financial Group LLC acquired a new stake in shares of KeyCorp in the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. purchased a new position in KeyCorp during the 4th quarter worth approximately $34,000. TCTC Holdings LLC grew its stake in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after buying an additional 611 shares during the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in KeyCorp during the fourth quarter worth approximately $45,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of research reports. DA Davidson lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Citigroup dropped their price objective on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Barclays upped their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Truist Financial lowered their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, March 21st. Finally, Stephens reaffirmed an “overweight” rating and set a $20.00 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 MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and an average price target of $19.42.

Insider Transactions at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.61% of the company’s stock.

KeyCorp Stock Performance

NYSE:KEY opened at $16.08 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The firm’s fifty day simple moving average is $16.82 and its 200-day simple moving average is $17.41. The stock has a market cap of $17.77 billion, a PE ratio of -53.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp Dividend Announcement

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 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 dividend yield of 5.10%. KeyCorp’s payout ratio is -273.33%.

KeyCorp announced that its board has approved a stock 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 repurchase 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.

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.