Barclays PLC Trims Position in KeyCorp (NYSE:KEY)

Barclays PLC reduced its holdings in KeyCorp (NYSE:KEY) by 10.3% during the 4th quarter, Holdings Channel reports. The fund owned 2,730,040 shares of the financial services provider’s stock after selling 314,361 shares during the period. Barclays PLC’s holdings in KeyCorp were worth $46,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings 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 valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. FMR LLC boosted 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 worth $761,556,000 after buying an additional 2,938,405 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in KeyCorp by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after acquiring an additional 1,452,179 shares during the period. Geode Capital Management LLC raised its position in KeyCorp by 7.6% during the fourth quarter. Geode Capital Management LLC now owns 23,349,979 shares of the financial services provider’s stock valued at $399,169,000 after acquiring an additional 1,647,332 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in KeyCorp by 2.9% in the fourth quarter. Invesco Ltd. now owns 17,260,508 shares of the financial services provider’s stock valued at $295,845,000 after acquiring an additional 479,604 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

NYSE KEY opened at $14.26 on Friday. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week 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. The stock’s fifty day moving average is $15.82 and its two-hundred day moving average is $17.14. The firm has a market capitalization of $15.62 billion, a P/E ratio of -47.53, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06.

KeyCorp (NYSE:KEY) 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. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations 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 last year, the business earned $0.20 earnings per share. On average, research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp declared that its board has approved a share buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

KEY has been the subject of several analyst reports. Stephens reiterated an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Baird R W upgraded shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. DA Davidson dropped their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Citigroup reaffirmed a “buy” rating on shares of KeyCorp in a report on Thursday. Finally, Truist Financial lowered their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Insider Activity

In other KeyCorp news, Director Of Nova Scotia Bank bought 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, for a total transaction of $892,500.00. Following the completion of the transaction, the director now directly 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 purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.61% 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.