Adage Capital Partners GP L.L.C. Increases Stake in KeyCorp (NYSE:KEY)

Adage Capital Partners GP L.L.C. grew its position in shares of KeyCorp (NYSE:KEY - Free Report) by 13.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,856,169 shares of the financial services provider's stock after acquiring an additional 215,728 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.19% of KeyCorp worth $31,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of KEY. Norges Bank purchased a new position in KeyCorp during the 4th quarter worth $153,235,000. Vanguard Group Inc. boosted its holdings in shares of KeyCorp by 7.1% in 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 buying an additional 7,754,576 shares during the last quarter. FMR LLC boosted its holdings in shares of KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after buying an additional 2,938,405 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of KeyCorp in the 4th quarter worth about $42,827,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of KeyCorp by 57.0% in the 4th quarter. Victory Capital Management Inc. now owns 5,946,074 shares of the financial services provider's stock worth $101,916,000 after buying an additional 2,157,901 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, for a total transaction 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. The trade was a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mohit Ramani acquired 10,000 shares of the firm's stock in a transaction on Monday, April 21st. The stock was purchased at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the transaction, the insider now directly owns 10,000 shares of the company's stock, valued at approximately $137,500. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired 60,180 shares of company stock valued at $1,032,525 over the last three months. Insiders own 0.52% of the company's stock.

KeyCorp Price Performance

Shares of KEY stock traded up $0.16 during trading on Thursday, hitting $15.00. The company had a trading volume of 3,464,357 shares, compared to its average volume of 12,800,334. 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 stock's 50-day moving average is $15.27 and its two-hundred day moving average is $17.01. The stock has a market capitalization of $16.43 billion, a price-to-earnings ratio of -49.98, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same quarter last year, the company earned $0.20 EPS. As a group, analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has initiated a stock repurchase plan 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 reacquire up to 6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

KEY has been the topic of a number of research analyst reports. Truist Financial cut their price target on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a report on Tuesday, April 22nd. StockNews.com raised shares of KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Citigroup reaffirmed a "buy" rating on shares of KeyCorp in a report on Thursday, April 17th. Barclays dropped their price objective on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of KeyCorp in a report on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.97.

KeyCorp 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.