Algebris UK Ltd Purchases Shares of 705,223 KeyCorp (NYSE:KEY)

Algebris UK Ltd purchased a new stake in KeyCorp (NYSE:KEY) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 705,223 shares of the financial services provider’s stock, valued at approximately $11,674,000. KeyCorp accounts for about 3.0% of Algebris UK Ltd’s portfolio, making the stock its 15th biggest position. Algebris UK Ltd owned about 0.07% of KeyCorp at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in KEY. Azora Capital LP bought a new position in shares of KeyCorp during the third quarter worth approximately $92,413,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of KeyCorp by 164.9% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,660,680 shares of the financial services provider’s stock worth $78,066,000 after purchasing an additional 2,900,971 shares during the period. Raymond James Financial Inc. bought a new position in shares of KeyCorp during the fourth quarter worth approximately $42,827,000. Victory Capital Management Inc. increased its holdings in shares of KeyCorp by 57.0% during the fourth quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider’s stock worth $101,916,000 after purchasing an additional 2,157,901 shares during the period. Finally, National Pension Service increased its holdings in shares of KeyCorp by 1,124.8% during the fourth quarter. National Pension Service now owns 1,679,582 shares of the financial services provider’s stock worth $28,788,000 after purchasing an additional 1,542,456 shares during the period. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now owns 162,983,726 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. 0.61% of the stock is owned by insiders.

KeyCorp Price Performance

Shares of NYSE KEY opened at $15.86 on Wednesday. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04. The firm has a fifty day simple moving average of $17.13 and a 200 day simple moving average of $17.42. The company has a market capitalization of $17.52 billion, a PE ratio of -52.85, a P/E/G ratio of 0.65 and a beta of 1.26. 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 has authorized a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio is presently -273.33%.

Analyst Ratings Changes

Several brokerages have recently commented on KEY. Truist Financial began coverage on shares of KeyCorp in a report on Tuesday, January 7th. They set a “hold” rating and a $19.00 target price on the stock. Stephens reissued an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Barclays lifted their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Finally, DA Davidson decreased their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. Eight 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, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

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.