AQR Capital Management LLC Cuts Holdings in KeyCorp (NYSE:KEY)

AQR Capital Management LLC decreased its stake in KeyCorp (NYSE:KEY - Free Report) by 5.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 397,238 shares of the financial services provider's stock after selling 24,023 shares during the quarter. AQR Capital Management LLC's holdings in KeyCorp were worth $6,809,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider's stock valued at $19,149,000 after acquiring an additional 36,424 shares during the period. Truist Financial Corp lifted its holdings in shares of KeyCorp by 27.1% in the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider's stock worth $1,643,000 after buying an additional 20,424 shares during the period. Avanza Fonder AB purchased a new stake in shares of KeyCorp in the 4th quarter worth $1,618,000. Proficio Capital Partners LLC purchased a new stake in shares of KeyCorp in the 4th quarter worth $1,519,000. Finally, CHURCHILL MANAGEMENT Corp lifted its holdings in shares of KeyCorp by 5.9% in the 4th quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider's stock worth $7,976,000 after buying an additional 26,047 shares during the period. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Stock Up 6.8%

Shares of NYSE:KEY traded up $1.05 on Monday, hitting $16.54. 9,482,162 shares of the company's stock were exchanged, compared to its average volume of 14,472,870. The firm's 50-day moving average is $15.06 and its 200 day moving average is $16.92. The company has a market capitalization of $18.12 billion, a PE ratio of -55.12, a P/E/G ratio of 0.65 and a beta of 1.08. KeyCorp has a 1-year low of $12.73 and a 1-year 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 (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the prior year, the firm posted $0.20 EPS. Sell-side analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp announced that its board has approved a stock buyback plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their target price on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Stephens reissued an "overweight" rating and issued a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Truist Financial reduced 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. Royal Bank of Canada reissued an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, Barclays reduced their target price on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $18.97.

Insider Activity

In other news, insider Mohit Ramani bought 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The stock was acquired at an average cost of $13.75 per share, with a total value of $137,500.00. Following the acquisition, the insider now owns 10,000 shares of the company's stock, valued at approximately $137,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.52% 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.