Vanguard Amends KeyCorp Stake to 8.6% as of Dec 29, 2023

TL;DR

**Vanguard trimmed its KeyCorp stake to 8.6% as of year-end 2023.**

AI Summary

The Vanguard Group, a major investment management company, filed an amended SC 13G/A on February 13, 2024, for its holdings in KeyCorp. As of December 29, 2023, Vanguard reported owning 80,090,396 shares of KeyCorp's Common Stock, representing 8.6% of the company. This filing indicates a slight decrease in Vanguard's beneficial ownership from its previous filing, which could signal a minor rebalancing of its portfolio rather than a significant change in its investment thesis for KeyCorp.

Why It Matters

This filing shows Vanguard's updated ownership in KeyCorp, providing transparency into a major institutional investor's position and potentially influencing other investors' perceptions of the stock.

Risk Assessment

Risk Level: low — This filing is a routine update from a passive institutional investor and does not indicate any significant new risks or opportunities for KeyCorp.

Analyst Insight

Investors should note that Vanguard's slight reduction in its KeyCorp stake is likely a routine portfolio adjustment by a passive fund manager, not a bearish signal on KeyCorp's fundamentals. It's important to monitor future filings for any more substantial changes in institutional ownership.

Key Numbers

• 80,090,396 — Shares Beneficially Owned (The total number of KeyCorp common stock shares Vanguard reported owning.)
• 8.6% — Percentage of Class (The percentage of KeyCorp's common stock that Vanguard beneficially owns.)
• December 29, 2023 — Date of Event (The specific date that triggered the requirement for this filing.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and major institutional investor
• KeyCorp (company) — the issuer of the securities
• 80,090,396 shares (dollar_amount) — total shares beneficially owned by Vanguard
• 8.6% (dollar_amount) — percentage of KeyCorp's common stock owned by Vanguard
• December 29, 2023 (date) — date of the event requiring the filing

Forward-Looking Statements

• Vanguard will maintain a significant, albeit potentially fluctuating, passive stake in KeyCorp. (The Vanguard Group) — high confidence, target: December 31, 2024

FAQ

Filing Documents

• tv01276-keycorp.htm (SC 13G/A) — 11KB
• 0001104659-24-021282.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: KeyCorp

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 127 Public Square Cleveland, OH 44114-1306

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 493267108

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR