Carret Asset Management LLC Sells 650 Shares of KeyCorp (NYSE:KEY)

Carret Asset Management LLC trimmed its holdings in shares of KeyCorp (NYSE:KEY) by 5.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,710 shares of the financial services provider’s stock after selling 650 shares during the quarter. Carret Asset Management LLC’s holdings in KeyCorp were worth $184,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Modera Wealth Management LLC raised its holdings in shares of KeyCorp by 3.9% in the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 627 shares during the last quarter. Ballentine Partners LLC grew its position in KeyCorp by 5.7% during the fourth quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock valued at $220,000 after buying an additional 692 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in KeyCorp by 0.4% during the fourth 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 buying an additional 695 shares during the period. Proactive Wealth Strategies LLC grew its position in KeyCorp by 4.1% during the fourth quarter. Proactive Wealth Strategies LLC now owns 17,886 shares of the financial services provider’s stock valued at $307,000 after buying an additional 699 shares during the period. Finally, Empirical Finance LLC grew its position in KeyCorp by 2.2% during the third quarter. Empirical Finance LLC now owns 32,361 shares of the financial services provider’s stock valued at $542,000 after buying an additional 705 shares during the period. 79.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on KEY. Morgan Stanley reduced their price target on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday. DA Davidson reduced their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. The Goldman Sachs Group increased their price target on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Wells Fargo & Company increased their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus target price of $19.64.

KeyCorp Price Performance

KEY stock opened at $15.68 on Friday. The firm has a 50 day moving average of $17.19 and a 200-day moving average of $17.43. 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 12 month low of $13.11 and a 12 month high of $20.04. The firm has a market capitalization of $17.32 billion, a P/E ratio of -52.25, a price-to-earnings-growth 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 given 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 5.23%. KeyCorp’s dividend payout ratio (DPR) is currently -273.33%.

KeyCorp announced that its Board of Directors has authorized a share repurchase plan 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 repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost 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 trade represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.61% of the stock is owned by company insiders.

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.