Hsbc Holdings PLC Boosts Stake in KeyCorp (NYSE:KEY)

Hsbc Holdings PLC grew its position in KeyCorp (NYSE:KEY - Free Report) by 2.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,513,921 shares of the financial services provider's stock after buying an additional 69,164 shares during the quarter. Hsbc Holdings PLC owned 0.25% of KeyCorp worth $43,131,000 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 the company. Vanguard Group Inc. increased its holdings in shares of KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after acquiring an additional 7,754,576 shares during the period. FMR LLC grew its stake in KeyCorp by 7.1% in the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after purchasing an additional 2,938,405 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in KeyCorp by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider's stock worth $566,626,000 after purchasing an additional 1,452,179 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of KeyCorp by 7.6% during the fourth quarter. Geode Capital Management LLC now owns 23,349,979 shares of the financial services provider's stock valued at $399,169,000 after buying an additional 1,647,332 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of KeyCorp by 2.9% in the 4th quarter. Invesco Ltd. now owns 17,260,508 shares of the financial services provider's stock valued at $295,845,000 after buying an additional 479,604 shares in the last quarter. Institutional investors own 79.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on KEY shares. Baird R W raised shares of KeyCorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Keefe, Bruyette & Woods lowered their price objective on KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. reduced their target price on KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. StockNews.com raised shares of KeyCorp from a "sell" rating to a "hold" rating in a research report on Monday, April 21st. Finally, Barclays cut their price target on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, KeyCorp has a consensus rating of "Moderate Buy" and an average target price of $19.15.

KeyCorp Price Performance

KEY stock traded up $0.16 during midday trading on Monday, reaching $14.88. The stock had a trading volume of 10,593,893 shares, compared to its average volume of 12,853,861. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The company's fifty day simple moving average is $15.36 and its 200 day simple moving average is $17.04. The company has a market cap of $16.30 billion, a price-to-earnings ratio of -49.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly 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. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same period last year, the firm posted $0.20 earnings per share. As a group, sell-side analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

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

Insider Activity

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, 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 position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mohit Ramani bought 10,000 shares of the business's stock in a transaction on Monday, April 21st. The stock was bought at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the purchase, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 60,180 shares of company stock worth $1,032,525 over the last ninety days. Corporate 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.