Resona Asset Management Co. Ltd. Makes New $4.80 Million Investment in KeyCorp (NYSE:KEY)

Resona Asset Management Co. Ltd. bought a new stake in shares of KeyCorp (NYSE:KEY) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 279,693 shares of the financial services provider’s stock, valued at approximately $4,796,000.

Several other institutional investors and hedge funds have also recently modified their holdings of KEY. Whittier Trust Co. grew its holdings in KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC acquired a new stake in KeyCorp in the 4th quarter valued at $27,000. SBI Securities Co. Ltd. purchased a new stake in KeyCorp in the 4th quarter worth $34,000. TCTC Holdings LLC raised its position in KeyCorp by 38.6% during the fourth 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 period. Finally, Whipplewood Advisors LLC purchased a new position in KeyCorp during the fourth quarter valued at $45,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the subject of several research analyst reports. Keefe, Bruyette & Woods reduced their price target 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. Morgan Stanley decreased their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company dropped their price target on KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Citigroup decreased their price objective on KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and an average target price of $19.31.

KeyCorp Trading Down 2.5 %

Shares of KeyCorp stock opened at $13.18 on Wednesday. The stock has a 50 day moving average of $16.41 and a 200 day moving average of $17.29. 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 $14.44 billion, a price-to-earnings ratio of -43.92, a PEG ratio of 0.65 and a beta of 1.06. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors 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 annualized dividend and a yield of 6.22%. KeyCorp’s dividend payout ratio (DPR) is currently -273.33%.

KeyCorp announced that its board has initiated a share buyback 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 purchase up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.67% of the company’s stock.

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.