Schroder Investment Management Group Decreases Stake in KeyCorp (NYSE:KEY)

Schroder Investment Management Group cut its holdings in shares of KeyCorp (NYSE:KEY) by 46.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 523,200 shares of the financial services provider’s stock after selling 455,421 shares during the period. Schroder Investment Management Group owned approximately 0.05% of KeyCorp worth $8,952,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of KEY. Benjamin Edwards Inc. purchased a new stake in shares of KeyCorp during the 3rd quarter valued at about $406,000. Hilltop Holdings Inc. purchased a new stake in KeyCorp in the third quarter worth approximately $393,000. HighTower Advisors LLC grew its position in KeyCorp by 9.2% in the 3rd quarter. HighTower Advisors LLC now owns 202,681 shares of the financial services provider’s stock worth $3,391,000 after purchasing an additional 17,140 shares during the period. Janus Henderson Group PLC raised its stake in KeyCorp by 22.3% during the 3rd quarter. Janus Henderson Group PLC now owns 106,013 shares of the financial services provider’s stock valued at $1,776,000 after buying an additional 19,300 shares during the last quarter. Finally, Investment Management Corp of Ontario lifted its holdings in shares of KeyCorp by 51.4% during the 3rd quarter. Investment Management Corp of Ontario now owns 31,222 shares of the financial services provider’s stock valued at $523,000 after buying an additional 10,600 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was bought 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 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 purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.61% of the company’s stock.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $13.45 on Friday. The firm has a market cap of $14.74 billion, a price-to-earnings ratio of -44.83, a P/E/G ratio of 0.65 and a beta of 1.06. The firm has a fifty day moving average price of $16.67 and a 200 day moving average price of $17.36. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

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

KeyCorp Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 6.10%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.33%.

Analyst Ratings Changes

Several brokerages recently commented on KEY. Stephens reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Wells Fargo & Company lowered their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. JPMorgan Chase & Co. cut their target price on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday. Citigroup reduced their target price on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 24th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

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.