Rhino Investment Partners Inc Reduces Position in KeyCorp (NYSE:KEY)

Rhino Investment Partners Inc decreased its holdings in KeyCorp (NYSE:KEY - Free Report) by 48.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 745,936 shares of the financial services provider's stock after selling 692,382 shares during the period. KeyCorp comprises about 2.8% of Rhino Investment Partners Inc's investment portfolio, making the stock its 15th biggest holding. Rhino Investment Partners Inc owned 0.08% of KeyCorp worth $12,785,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in shares of KeyCorp during the 4th quarter valued at $153,235,000. Vanguard Group Inc. boosted its position in KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. Freestone Grove Partners LP bought a new stake in shares of KeyCorp during the 4th quarter valued at about $63,540,000. FMR LLC increased its position in shares of KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after purchasing an additional 2,938,405 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of KeyCorp in the 4th quarter worth approximately $42,827,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

Insider Activity at KeyCorp

In other KeyCorp news, insider Mohit Ramani acquired 10,000 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was bought at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider now directly owns 10,000 shares in the company, valued at $137,500. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Of Nova Scotia Bank acquired 50,000 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now owns 162,983,726 shares of the company's stock, valued at $2,909,259,509.10. This trade represents a 0.03 % 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 worth $1,032,525 in the last quarter. 0.52% of the stock is owned by company insiders.

KeyCorp Price Performance

NYSE:KEY traded up $0.50 during trading hours on Friday, reaching $15.49. The stock had a trading volume of 12,415,240 shares, compared to its average volume of 12,831,466. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market capitalization of $16.97 billion, a PE ratio of -51.63, a PEG 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. The company has a 50 day moving average price of $15.21 and a two-hundred day moving average price of $16.98.

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 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 company had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the previous year, the firm posted $0.20 earnings per share. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp declared that its board has approved a stock repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on KEY shares. Truist Financial reduced their target price on shares of KeyCorp from $18.00 to $16.00 and set a "hold" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley restated an "equal weight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Royal Bank of Canada reiterated an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Citigroup reiterated a "buy" rating on shares of KeyCorp in a research note on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, KeyCorp presently has an average rating of "Moderate Buy" and a consensus price target of $18.97.

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.