KeyCorp (NYSE:KEY) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its position in shares of KeyCorp (NYSE:KEY) by 51.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,596,501 shares of the financial services provider’s stock after selling 6,034,822 shares during the period. Bank of America Corp DE’s holdings in KeyCorp were worth $95,924,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in KEY. Norges Bank acquired a new stake in shares of KeyCorp during the fourth quarter worth about $153,235,000. Vanguard Group Inc. increased its position in shares of KeyCorp by 7.1% during 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 in the last quarter. Freestone Grove Partners LP purchased a new position in shares of KeyCorp during the fourth quarter worth about $63,540,000. FMR LLC grew its holdings in shares of KeyCorp by 7.1% during 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. Finally, Raymond James Financial Inc. purchased a new position in shares of KeyCorp during the fourth quarter worth about $42,827,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $15.48 on Monday. The business’s 50 day simple moving average is $15.06 and its 200-day simple moving average is $16.92. The firm has a market capitalization of $16.97 billion, a price-to-earnings ratio of -51.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

KeyCorp (NYSE:KEY) last announced its quarterly 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 business had revenue of $1.77 billion for 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 quarter in the previous year, the company earned $0.20 EPS. As a group, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp declared that its Board of Directors has initiated a stock buyback program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, insider Mohit Ramani acquired 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, for a total transaction of $137,500.00. Following the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $137,500. This trade represents a ? increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Citigroup reissued a “buy” rating on shares of KeyCorp in a report on Thursday, April 17th. Evercore ISI set a $17.00 price target on KeyCorp in a report on Monday, April 28th. Royal Bank of Canada reissued an “outperform” rating on shares of KeyCorp in a report on Thursday, April 17th. JPMorgan Chase & Co. lowered their price target on KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Finally, Truist Financial lowered their price target on KeyCorp from $18.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Eight analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.