Freestone Grove Partners LP Makes New Investment in KeyCorp (NYSE:KEY)

Freestone Grove Partners LP purchased a new stake in KeyCorp (NYSE:KEY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,707,093 shares of the financial services provider's stock, valued at approximately $63,540,000. KeyCorp accounts for about 0.8% of Freestone Grove Partners LP's holdings, making the stock its 23rd largest position. Freestone Grove Partners LP owned 0.37% of KeyCorp as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Whittier Trust Co. increased its position in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC acquired a new position in KeyCorp in the fourth quarter valued at $27,000. SBI Securities Co. Ltd. bought a new stake in KeyCorp during the fourth quarter valued at $34,000. TCTC Holdings LLC grew its holdings in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after acquiring an additional 611 shares during the period. Finally, Optiver Holding B.V. bought a new position in shares of KeyCorp in the 4th quarter worth about $42,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $14.84 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock has a market cap of $16.26 billion, a PE ratio of -49.47, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The stock's fifty day simple moving average is $15.27 and its two-hundred day simple moving average is $17.01. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

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, topping analysts' consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $0.20 EPS. As a group, analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp declared that its board has authorized a share 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 repurchase up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mohit Ramani bought 10,000 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were acquired at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders acquired a total of 60,180 shares of company stock valued at $1,032,525 over the last three months. Corporate insiders own 0.52% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on KEY. Truist Financial cut their target price on KeyCorp from $18.00 to $16.00 and set a "hold" rating on the stock in a research report on Tuesday, April 22nd. Royal Bank of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Baird R W raised shares of KeyCorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Stephens reaffirmed an "overweight" rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. cut their price objective on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Eight equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, KeyCorp has a consensus rating of "Moderate Buy" and an average target price of $18.97.

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.

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