Kovitz Investment Group Partners LLC cut its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 82.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,971 shares of the financial services provider's stock after selling 183,052 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in KeyCorp were worth $685,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in KEY. Vanguard Group Inc. increased its holdings in KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. FMR LLC raised its stake in shares of KeyCorp by 7.1% in the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after acquiring an additional 2,938,405 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in KeyCorp by 4.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock valued at $622,229,000 after purchasing an additional 1,645,296 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider's stock worth $566,626,000 after purchasing an additional 1,452,179 shares during the period. Finally, Fuller & Thaler Asset Management Inc. raised its position in KeyCorp by 4.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider's stock valued at $465,929,000 after purchasing an additional 1,062,615 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now directly owns 162,983,726 shares of the company's stock, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mohit Ramani bought 10,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the purchase, the insider now directly owns 10,000 shares in the company, valued at $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 60,180 shares of company stock valued at $1,032,525. Corporate insiders own 0.52% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on KEY shares. Stephens restated an "overweight" rating and set a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. DA Davidson dropped their price objective on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, January 22nd. Evercore ISI set a $17.00 price objective on shares of KeyCorp in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on KeyCorp from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Finally, Citigroup reaffirmed a "buy" rating on shares of KeyCorp in a report on Thursday, April 17th. Eight investment 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.97.
Read Our Latest Stock Report on KEY
KeyCorp Price Performance
Shares of KeyCorp stock traded up $0.50 during trading on Friday, reaching $15.49. The company's stock had a trading volume of 12,415,240 shares, compared to its average volume of 12,831,466. The business has a 50 day moving average price of $15.21 and a 200-day moving average price of $16.98. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The company has a market capitalization of $16.97 billion, a P/E ratio of -51.63, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.
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 the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates 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 previous year, the firm earned $0.20 EPS. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 EPS for the current year.
KeyCorp declared that its Board of Directors has authorized a stock buyback program 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 repurchase up to 6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.
KeyCorp Company Profile
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Free Report)
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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