Adage Capital Partners GP L.L.C. Grows Stake in KeyCorp (NYSE:KEY)

Adage Capital Partners GP L.L.C. raised its stake in KeyCorp (NYSE:KEY - Free Report) by 13.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,856,169 shares of the financial services provider's stock after purchasing an additional 215,728 shares during the period. Adage Capital Partners GP L.L.C. owned 0.19% of KeyCorp worth $31,815,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of KEY. TCTC Holdings LLC raised its holdings in KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 611 shares during the period. Signaturefd LLC grew its position in shares of KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 614 shares during the last quarter. Modera Wealth Management LLC increased its stake in shares of KeyCorp by 3.9% during the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider's stock worth $283,000 after purchasing an additional 627 shares during the period. Ballentine Partners LLC lifted its holdings in KeyCorp by 5.7% during the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider's stock worth $220,000 after purchasing an additional 692 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in KeyCorp by 0.4% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,512 shares of the financial services provider's stock valued at $3,008,000 after purchasing an additional 695 shares during the period. Institutional investors and hedge funds own 79.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods dropped their target price on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday, April 21st. JPMorgan Chase & Co. cut their price objective on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. DA Davidson lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, January 22nd. Royal Bank of Canada restated an "outperform" rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, Stephens reissued an "overweight" rating and set a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, KeyCorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.15.

KeyCorp Price Performance

KEY stock traded up $0.16 on Monday, reaching $14.88. 10,593,893 shares of the company's stock were exchanged, compared to its average volume of 12,853,861. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The firm has a market cap of $16.30 billion, a PE ratio of -49.60, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The stock has a fifty day moving average of $15.36 and a 200-day moving average of $17.04.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results 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 firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the company earned $0.20 earnings per share. As a group, equities analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has authorized a share 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 buy up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the company's stock in a transaction dated 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 purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mohit Ramani acquired 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The shares were purchased at an average price of $13.75 per share, with a total value of $137,500.00. Following the acquisition, the insider now owns 10,000 shares of the company's stock, valued at approximately $137,500. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 60,180 shares of company stock worth $1,032,525 in the last three months. 0.52% of the stock is owned by insiders.

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.