Korea Investment CORP Sells 94,400 Shares of KeyCorp (NYSE:KEY)

Korea Investment CORP lowered its holdings in shares of KeyCorp (NYSE:KEY) by 33.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 184,758 shares of the financial services provider’s stock after selling 94,400 shares during the period. Korea Investment CORP’s holdings in KeyCorp were worth $3,167,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. TCTC Holdings LLC increased its holdings in shares of KeyCorp by 38.6% during the 4th 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. Signaturefd LLC raised its position in shares of KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 614 shares during the period. Modera Wealth Management LLC lifted its stake in shares of KeyCorp by 3.9% during the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock worth $283,000 after buying an additional 627 shares during the last quarter. Ballentine Partners LLC boosted its holdings in shares of KeyCorp by 5.7% during the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after buying an additional 692 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in KeyCorp by 0.4% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider’s stock valued at $3,008,000 after acquiring an additional 695 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley decreased their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $18.50 target price on shares of KeyCorp in a report on Monday, February 3rd. Wells Fargo & Company lowered their price target on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Finally, Stephens reissued an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Eight 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, KeyCorp presently has an average rating of “Moderate Buy” and an average price target of $19.42.

KeyCorp Trading Down 1.4 %

KEY opened at $15.77 on Wednesday. The company has a market cap of $17.43 billion, a P/E ratio of -52.57, a PEG ratio of 0.65 and a beta of 1.26. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average is $16.85 and its 200-day moving average is $17.42. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04.

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 paid 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 presently -273.33%.

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

Insider Transactions at KeyCorp

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.61% of the company’s stock.

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.