Marshall Wace LLP Raises Stake in KeyCorp (NYSE:KEY)

Marshall Wace LLP grew its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 630.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 573,881 shares of the financial services provider's stock after buying an additional 495,368 shares during the period. Marshall Wace LLP owned approximately 0.06% of KeyCorp worth $9,836,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in KeyCorp by 7.1% in the fourth 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 increased its position 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 acquiring an additional 2,938,405 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of KeyCorp by 4.6% during 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 acquiring an additional 1,452,179 shares in the last quarter. Geode Capital Management LLC lifted its position in KeyCorp by 7.6% in the 4th quarter. Geode Capital Management LLC now owns 23,349,979 shares of the financial services provider's stock valued at $399,169,000 after acquiring an additional 1,647,332 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in KeyCorp by 2.9% during the 4th quarter. Invesco Ltd. now owns 17,260,508 shares of the financial services provider's stock valued at $295,845,000 after purchasing an additional 479,604 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stephens restated an "overweight" rating and set a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an "outperform" rating on shares of KeyCorp in a report on Thursday, April 17th. JPMorgan Chase & Co. decreased their target price on KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. StockNews.com raised shares of KeyCorp from a "sell" rating to a "hold" rating in a report on Monday, April 21st. Finally, Barclays decreased their price objective on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Eight analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of "Moderate Buy" and a consensus target price of $19.15.

KeyCorp Price Performance

Shares of KEY traded down $0.15 during mid-day trading on Friday, reaching $14.72. 8,052,209 shares of the stock traded hands, compared to its average volume of 12,858,678. 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 $16.13 billion, a price-to-earnings ratio of -49.07, 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 $15.42 and a 200 day moving average price of $17.06.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.77 billion for the quarter, compared to analysts' expectations 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 in the prior year, the business earned $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 stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity at KeyCorp

In related news, insider Mohit Ramani bought 10,000 shares of the stock in a transaction dated Monday, April 21st. The stock was bought at an average price of $13.75 per share, with a total value of $137,500.00. Following the purchase, the insider now owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was bought 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. The trade was a 0.03 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 60,180 shares of company stock valued at $1,032,525 over the last 90 days. 0.52% of the stock is owned by insiders.

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.