USS Investment Management Ltd Sells 70,362 Shares of KeyCorp (NYSE:KEY)

USS Investment Management Ltd reduced its position in KeyCorp (NYSE:KEY - Free Report) by 37.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 119,889 shares of the financial services provider's stock after selling 70,362 shares during the period. USS Investment Management Ltd's holdings in KeyCorp were worth $2,055,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in KeyCorp in the 4th quarter valued at about $153,235,000. Vanguard Group Inc. increased its position in KeyCorp by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares during the period. Freestone Grove Partners LP acquired a new position in KeyCorp during the 4th quarter worth approximately $63,540,000. FMR LLC increased its position in KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after purchasing an additional 2,938,405 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in KeyCorp during the 4th quarter worth approximately $42,827,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Mohit Ramani bought 10,000 shares of the firm's stock in a transaction on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider now owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the transaction, the director now directly owns 37,177 shares of the company's stock, valued at $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on KEY. Morgan Stanley reiterated an "equal weight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Barclays lowered their target price on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Evercore ISI set a $17.00 price target on KeyCorp in a research report on Monday, April 28th. Royal Bank of Canada restated an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, Truist Financial dropped their price target on KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a research report on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.86.

KeyCorp Stock Performance

Shares of KEY stock traded up $0.03 during mid-day trading on Thursday, reaching $15.79. The stock had a trading volume of 5,075,403 shares, compared to its average volume of 13,002,941. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The firm has a market cap of $17.30 billion, a PE ratio of -52.49, a P/E/G ratio of 0.65 and a beta of 1.08. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The firm's 50 day simple moving average is $15.16 and its 200 day simple moving average is $16.77.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $0.20 EPS. On average, analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp announced that its board has initiated a stock repurchase program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.19%. KeyCorp's payout ratio is currently -482.35%.

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.