Farringdon Capital Ltd. Makes New $589,000 Investment in KeyCorp (NYSE:KEY)

Farringdon Capital Ltd. bought a new position in shares of KeyCorp (NYSE:KEY - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 34,363 shares of the financial services provider's stock, valued at approximately $589,000.

Several other hedge funds have also recently bought and sold shares of the stock. Whittier Trust Co. increased its stake in shares of KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock valued at $26,000 after buying an additional 800 shares during the period. Ethos Financial Group LLC bought a new stake in shares of KeyCorp in the 4th quarter valued at $27,000. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp during the 4th quarter worth about $34,000. TCTC Holdings LLC increased its holdings in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after purchasing an additional 611 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in shares of KeyCorp in the 4th quarter worth approximately $45,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Price Performance

Shares of KEY traded up $0.47 during mid-day trading on Wednesday, reaching $14.64. 8,261,931 shares of the stock traded hands, compared to its average volume of 12,928,743. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a market cap of $16.04 billion, a price-to-earnings ratio of -48.80, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The firm has a fifty day moving average price of $15.61 and a 200 day moving average price of $17.10.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly 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. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its board has authorized a share buyback 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 purchase up to 6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on KEY shares. Wells Fargo & Company restated an "overweight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Royal Bank of Canada reissued an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Barclays dropped their price target on KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Monday. Keefe, Bruyette & Woods decreased their price objective on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday. Finally, Stephens restated an "overweight" rating and issued a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Eight research 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. According to data from MarketBeat, KeyCorp has an average rating of "Moderate Buy" and a consensus price target of $19.15.

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the transaction, the director now directly owns 162,983,726 shares of the company's stock, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.52% of the company's stock.

KeyCorp 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.