PKS Advisory Services LLC Makes New Investment in KeyCorp (NYSE:KEY)

PKS Advisory Services LLC purchased a new stake in KeyCorp (NYSE:KEY) in the fourth quarter, HoldingsChannel reports. The firm purchased 12,499 shares of the financial services provider’s stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors have also made changes to their positions in KEY. Whittier Trust Co. increased its holdings in KeyCorp by 110.3% during the 4th 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 purchased a new position in shares of KeyCorp during the 4th quarter worth approximately $27,000. Larson Financial Group LLC raised its position in shares of KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 918 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the 4th quarter valued at approximately $34,000. Finally, TCTC Holdings LLC grew its holdings in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after buying an additional 611 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on KEY. Keefe, Bruyette & Woods reduced their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $18.50 price target on shares of KeyCorp in a research note on Monday, February 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Stephens reaffirmed an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Barclays increased their price target on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.53.

KeyCorp Stock Performance

NYSE KEY opened at $16.58 on Wednesday. The business’s 50-day simple moving average is $17.05 and its 200-day simple moving average is $17.42. The firm has a market capitalization of $18.32 billion, a P/E ratio of -55.26, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp announced that its board has authorized a share buyback plan on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

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

KeyCorp Company 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.