Johnson Investment Counsel Inc. Acquires 3,357 Shares of KeyCorp (NYSE:KEY)

Johnson Investment Counsel Inc. boosted its stake in KeyCorp (NYSE:KEY) by 16.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,787 shares of the financial services provider’s stock after acquiring an additional 3,357 shares during the period. Johnson Investment Counsel Inc.’s holdings in KeyCorp were worth $408,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Ethos Financial Group LLC bought a new stake in shares of KeyCorp during the 4th quarter valued at about $27,000. Larson Financial Group LLC lifted its holdings 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 worth $32,000 after buying an additional 918 shares during the period. SBI Securities Co. Ltd. bought a new stake in KeyCorp during the 4th quarter valued at approximately $34,000. Venturi Wealth Management LLC grew its holdings in shares of KeyCorp by 62.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,526 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 975 shares during the period. Finally, Whipplewood Advisors LLC bought a new position in shares of KeyCorp in the 4th quarter worth approximately $45,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group lifted their price target on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Stephens reiterated an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. DA Davidson lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.64.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

NYSE KEY opened at $15.15 on Friday. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of -50.48, a PEG ratio of 0.65 and a beta of 1.26. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The business’s fifty day moving average price is $17.22 and its 200-day moving average price is $17.44.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.41%. KeyCorp’s payout ratio is -273.33%.

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

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.