Prudential Financial Inc. Buys 324,279 Shares of KeyCorp (NYSE:KEY)

Prudential Financial Inc. lifted its stake in shares of KeyCorp (NYSE:KEY) by 40.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,125,155 shares of the financial services provider’s stock after purchasing an additional 324,279 shares during the quarter. Prudential Financial Inc. owned 0.11% of KeyCorp worth $19,285,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. 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 in the last quarter. Signaturefd LLC boosted its position in shares of KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 614 shares during the period. Modera Wealth Management LLC grew its stake in KeyCorp by 3.9% during the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after acquiring an additional 627 shares in the last quarter. Ballentine Partners LLC increased its holdings in KeyCorp by 5.7% during the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 692 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in KeyCorp by 0.4% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider’s stock worth $3,008,000 after purchasing an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insider Activity at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was purchased at an average price 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 of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.61% of the stock is currently owned by company insiders.

KeyCorp Stock Performance

KeyCorp stock opened at $16.40 on Thursday. The firm has a fifty day simple moving average of $17.01 and a two-hundred day simple moving average of $17.41. 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 twelve month low of $13.11 and a twelve month high of $20.04. The company has a market capitalization of $18.12 billion, a PE ratio of -54.65, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its board has approved 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 stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

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 issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 5.00%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio is presently -273.33%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on KEY shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.50 price target on shares of KeyCorp in a report on Monday, February 3rd. Truist Financial decreased their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, March 21st. Piper Sandler raised their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Stephens reissued an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 target price 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 given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.53.

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.