Brown Brothers Harriman & Co. Increases Stock Position in KeyCorp (NYSE:KEY)

Brown Brothers Harriman & Co. grew its position in shares of KeyCorp (NYSE:KEY) by 58.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,911 shares of the financial services provider’s stock after purchasing an additional 2,190 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in KeyCorp were worth $101,000 as of its most recent filing with the SEC.

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

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

KEY has been the subject of a number of recent research reports. Wells Fargo & Company decreased their price target on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Barclays raised their price target on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Morgan Stanley reduced their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Truist Financial decreased their price objective on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Finally, Piper Sandler boosted their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.42.

KeyCorp Stock Performance

Shares of KEY opened at $15.77 on Wednesday. The company has a market capitalization of $17.43 billion, a PE ratio of -52.57, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The company has a 50-day simple moving average of $16.85 and a 200-day simple moving average of $17.42. 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 announced that its Board of Directors has initiated a stock repurchase plan 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 buy up to 6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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 5.20%. KeyCorp’s payout ratio is -273.33%.

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.