Guggenheim Capital LLC Sells 27,341 Shares of KeyCorp (NYSE:KEY)

Guggenheim Capital LLC cut its stake in KeyCorp (NYSE:KEY) by 26.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 75,489 shares of the financial services provider’s stock after selling 27,341 shares during the period. Guggenheim Capital LLC’s holdings in KeyCorp were worth $1,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in KeyCorp by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock worth $19,149,000 after buying an additional 36,424 shares in the last quarter. Truist Financial Corp increased its position in shares of KeyCorp by 27.1% during the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock valued at $1,643,000 after purchasing an additional 20,424 shares during the period. Avanza Fonder AB acquired a new position in shares of KeyCorp in the fourth quarter valued at $1,618,000. Proficio Capital Partners LLC bought a new position in KeyCorp in the fourth quarter worth $1,519,000. Finally, CHURCHILL MANAGEMENT Corp boosted its stake in KeyCorp by 5.9% during the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider’s stock worth $7,976,000 after buying an additional 26,047 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

KEY stock opened at $13.81 on Tuesday. The business’s fifty day moving average is $15.68 and its 200-day moving average is $17.12. The company has a market cap of $15.13 billion, a P/E ratio of -46.03, 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 has a twelve month low of $12.73 and a twelve month high of $20.04.

KeyCorp (NYSE:KEY) last posted its earnings results 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 company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same period in the previous year, the company earned $0.20 EPS. Equities research analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp announced that its board has initiated a share repurchase program on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on KEY shares. Baird R W upgraded shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Truist Financial dropped their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, March 21st. Stephens reiterated an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Barclays cut their price objective on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday. Finally, StockNews.com raised shares of KeyCorp from a “sell” rating to a “hold” rating in a report on Monday. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.26.

Insiders Place Their Bets

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 purchased 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 in the company, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.52% of the company’s stock.

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.