Earnest Partners LLC Sells 9,449,234 Shares of KeyCorp (NYSE:KEY)

Earnest Partners LLC lowered its holdings in KeyCorp (NYSE:KEY - Free Report) by 90.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,042,189 shares of the financial services provider's stock after selling 9,449,234 shares during the period. Earnest Partners LLC owned approximately 0.11% of KeyCorp worth $17,863,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new stake in KeyCorp during the 3rd quarter worth about $395,000. Franklin Resources Inc. grew its position in KeyCorp by 340.0% during the third quarter. Franklin Resources Inc. now owns 413,011 shares of the financial services provider's stock valued at $7,186,000 after purchasing an additional 319,155 shares in the last quarter. Versant Capital Management Inc increased its stake in KeyCorp by 44.6% in the 4th quarter. Versant Capital Management Inc now owns 3,587 shares of the financial services provider's stock valued at $61,000 after buying an additional 1,107 shares during the period. GAMMA Investing LLC lifted its position in KeyCorp by 23.0% in the 4th quarter. GAMMA Investing LLC now owns 30,413 shares of the financial services provider's stock worth $521,000 after buying an additional 5,687 shares in the last quarter. Finally, Everence Capital Management Inc. boosted its stake in shares of KeyCorp by 25.3% during the 4th quarter. Everence Capital Management Inc. now owns 41,320 shares of the financial services provider's stock valued at $708,000 after buying an additional 8,330 shares during the period. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of KEY traded up $0.16 during mid-day trading on Thursday, reaching $15.00. The company had a trading volume of 9,888,875 shares, compared to its average volume of 12,832,834. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market capitalization of $16.43 billion, a P/E ratio of -50.00, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company's 50-day moving average is $15.27 and its 200-day moving average is $17.01.

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 firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the company posted $0.20 earnings per share. On average, equities analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its board has authorized a stock repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Truist Financial dropped their price target on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Morgan Stanley reiterated an "equal weight" rating on shares of KeyCorp in a research note on Thursday, April 17th. StockNews.com raised KeyCorp from a "sell" rating to a "hold" rating in a research note on Monday, April 21st. Finally, Wells Fargo & Company reiterated an "overweight" rating on shares of KeyCorp in a report on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $18.97.

Insider Activity at KeyCorp

In related news, insider Mohit Ramani purchased 10,000 shares of the business's stock in a transaction on Monday, April 21st. The shares were purchased at an average price 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 $137,500. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, with a total value of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 60,180 shares of company stock valued at $1,032,525 in the last ninety days. Insiders own 0.52% of the company's stock.

About KeyCorp

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.