Proficio Capital Partners LLC Acquires Shares of 88,614 KeyCorp (NYSE:KEY)

Proficio Capital Partners LLC acquired a new stake in shares of KeyCorp (NYSE:KEY) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 88,614 shares of the financial services provider’s stock, valued at approximately $1,519,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC lifted its holdings in shares of KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 918 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of KeyCorp in the fourth quarter valued at $34,000. Whipplewood Advisors LLC acquired a new stake in shares of KeyCorp in the fourth quarter valued at $45,000. Crews Bank & Trust acquired a new stake in shares of KeyCorp in the fourth quarter valued at $51,000. Finally, Truvestments Capital LLC acquired a new stake in shares of KeyCorp in the third quarter valued at $55,000. 79.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now directly owns 162,983,726 shares of the company’s stock, 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 SEC, which can be accessed through this hyperlink. Company insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

Shares of KEY opened at $16.11 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The stock has a market cap of $17.80 billion, a P/E ratio of -53.69, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The stock’s 50-day moving average price is $17.09 and its two-hundred day moving average price is $17.40.

KeyCorp declared that its board has authorized a stock buyback plan on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.09%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is currently -273.33%.

Analysts Set New Price Targets

KEY has been the subject of a number of research reports. Royal Bank of Canada restated an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Piper Sandler raised their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Barclays raised their target price on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. The Goldman Sachs Group lifted their price objective on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Morgan Stanley lowered their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average 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.