Cibc World Markets Corp Lowers Stake in KeyCorp (NYSE:KEY)

Cibc World Markets Corp lowered its position in shares of KeyCorp (NYSE:KEY) by 14.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 154,239 shares of the financial services provider’s stock after selling 26,432 shares during the quarter. Cibc World Markets Corp’s holdings in KeyCorp were worth $2,644,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Ethos Financial Group LLC purchased a new position in KeyCorp during the fourth quarter valued at approximately $27,000. Larson Financial Group LLC lifted its holdings in shares of KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after buying an additional 918 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of KeyCorp in the fourth quarter worth $34,000. Whipplewood Advisors LLC purchased a new position in shares of KeyCorp in the fourth quarter worth $45,000. Finally, Crews Bank & Trust purchased a new position in shares of KeyCorp in the fourth quarter worth $51,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Trading Up 0.4 %

KEY stock opened at $16.11 on Friday. 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 stock has a market capitalization of $17.80 billion, a price-to-earnings ratio of -53.69, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The firm’s fifty day simple moving average is $17.09 and its two-hundred day simple moving average is $17.40.

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 issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is presently -273.33%.

KeyCorp declared that its board has approved a share buyback program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on KEY. Morgan Stanley lowered their target price on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Stephens reissued an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a report on Monday, February 3rd. DA Davidson lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Finally, Truist Financial assumed coverage on shares of KeyCorp in a research report on Tuesday, January 7th. They issued a “hold” rating and a $19.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and an average target price of $19.64.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, 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 purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.61% of the company’s stock.

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.