Chevy Chase Trust Holdings LLC boosted its position in shares of KeyCorp (NYSE:KEY – Free Report) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 523,203 shares of the financial services provider’s stock after acquiring an additional 2,248 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in KeyCorp were worth $8,366,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of KEY. Whittier Trust Co. grew its holdings in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC bought a new stake in KeyCorp during the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC bought a new stake in KeyCorp during the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. bought a new stake in KeyCorp during the fourth quarter valued at about $34,000. Finally, FSC Wealth Advisors LLC bought a new stake in KeyCorp during the first quarter valued at about $34,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.
KeyCorp Trading Up 2.5%
Shares of NYSE KEY opened at $17.20 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. The business’s 50 day moving average price is $15.75 and its 200-day moving average price is $16.34. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a market cap of $18.84 billion, a price-to-earnings ratio of -101.15, a PEG ratio of 0.63 and a beta of 1.09.
KeyCorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were paid a $0.205 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 annualized dividend and a yield of 4.77%. KeyCorp’s dividend payout ratio (DPR) is currently -482.35%.
KeyCorp announced that its Board of Directors has initiated a stock repurchase 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 reacquire up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on KEY shares. Citigroup reaffirmed a “buy” rating on shares of KeyCorp in a research note on Thursday, April 17th. Wall Street Zen raised KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, April 21st. Barclays dropped their price target on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. TD Cowen initiated coverage on KeyCorp in a research note on Thursday, May 15th. They set a “hold” rating and a $18.00 price target for the company. Finally, Evercore ISI set a $17.00 price target on KeyCorp in a research note on Monday, April 28th. Twelve investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.92.
View Our Latest Research Report on KEY
Insider Buying and Selling
In related news, insider Mohit Ramani bought 10,000 shares of the company’s stock in a transaction on Monday, April 21st. The shares were acquired at an average price of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider now owns 10,000 shares of the company’s stock, valued at $137,500. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the sale, the director now directly owns 37,177 shares in the company, valued at $617,138.20. This trade represents a 11.85% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is 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.
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