Ceredex Value Advisors LLC Reduces Stake in KeyCorp (NYSE:KEY)

Ceredex Value Advisors LLC lessened its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 15.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,344,711 shares of the financial services provider's stock after selling 782,138 shares during the quarter. KeyCorp makes up approximately 1.5% of Ceredex Value Advisors LLC's portfolio, making the stock its 12th biggest position. Ceredex Value Advisors LLC owned 0.44% of KeyCorp worth $74,468,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in KEY. Jump Financial LLC grew its holdings in KeyCorp by 34.9% in the fourth quarter. Jump Financial LLC now owns 754,909 shares of the financial services provider's stock worth $12,939,000 after purchasing an additional 195,239 shares during the period. Canada Post Corp Registered Pension Plan bought a new stake in shares of KeyCorp during the 4th quarter valued at about $119,000. Townsquare Capital LLC boosted its stake in shares of KeyCorp by 11.7% during the 4th quarter. Townsquare Capital LLC now owns 38,791 shares of the financial services provider's stock worth $665,000 after acquiring an additional 4,076 shares during the last quarter. Sterling Capital Management LLC increased its position in KeyCorp by 1.8% in the fourth quarter. Sterling Capital Management LLC now owns 54,855 shares of the financial services provider's stock worth $940,000 after buying an additional 969 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in shares of KeyCorp by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 406,973 shares of the financial services provider's stock worth $6,976,000 after purchasing an additional 2,550 shares during the period. Institutional investors own 79.69% of the company's stock.

Analyst Upgrades and Downgrades

KEY has been the topic of several research reports. Wells Fargo & Company reaffirmed an "overweight" rating on shares of KeyCorp in a report on Thursday. Truist Financial reduced their price target on shares of KeyCorp from $19.00 to $18.00 and set a "hold" rating on the stock in a research note on Friday, March 21st. DA Davidson reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, January 22nd. Baird R W upgraded KeyCorp from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Citigroup reaffirmed a "buy" rating on shares of KeyCorp in a research report on Thursday. Seven equities 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.44.

KeyCorp Stock Down 3.3 %

Shares of KEY traded down $0.47 during mid-day trading on Monday, hitting $13.80. 4,453,656 shares of the company's stock were exchanged, compared to its average volume of 12,946,717. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The stock's 50-day moving average is $15.75 and its 200-day moving average is $17.14. The company has a market cap of $15.12 billion, a price-to-earnings ratio of -46.00, a P/E/G ratio of 0.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp (NYSE:KEY - Get Free Report) last released its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. The firm 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 last year, the business posted $0.20 earnings per share. On average, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp announced that its board has approved 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 reacquire up to 6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The stock was acquired at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.52% of the stock is owned by company insiders.

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.