Corebridge Financial Inc. Boosts Position in KeyCorp (NYSE:KEY)

Corebridge Financial Inc. lifted its position in KeyCorp (NYSE:KEY) by 1.7% in the fourth quarter, HoldingsChannel reports. The firm owned 234,254 shares of the financial services provider’s stock after buying an additional 3,834 shares during the period. Corebridge Financial Inc.’s holdings in KeyCorp were worth $4,015,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. increased its holdings in shares of 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 KeyCorp during the fourth quarter worth $27,000. Larson Financial Group LLC raised its position in KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 918 shares during the period. SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the fourth quarter valued at $34,000. Finally, TCTC Holdings LLC lifted its stake in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 611 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on KEY shares. Citigroup reduced their price objective on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Truist Financial lowered their price objective on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Wells Fargo & Company cut their target price on KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Piper Sandler raised their price target on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.42.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.61% of the company’s stock.

KeyCorp Stock Down 2.3 %

KEY stock opened at $15.80 on Monday. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The company’s 50 day moving average price is $16.93 and its 200 day moving average price is $17.42. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market capitalization of $17.46 billion, a price-to-earnings ratio of -52.65, a PEG ratio of 0.65 and a beta of 1.26.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.19%. KeyCorp’s payout ratio is -273.33%.

KeyCorp announced that its Board of Directors has authorized a stock repurchase program 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.