Raymond James Financial Inc. Takes $42.83 Million Position in KeyCorp (NYSE:KEY)

Raymond James Financial Inc. bought a new stake in KeyCorp (NYSE:KEY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,498,670 shares of the financial services provider's stock, valued at approximately $42,827,000. Raymond James Financial Inc. owned approximately 0.25% of KeyCorp at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Advisory Services Network LLC increased its holdings in KeyCorp by 4.3% in the fourth quarter. Advisory Services Network LLC now owns 91,510 shares of the financial services provider's stock worth $1,568,000 after buying an additional 3,781 shares during the last quarter. Capula Management Ltd bought a new position in shares of KeyCorp during the 4th quarter valued at $319,000. Invesco Ltd. lifted its stake 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 purchasing an additional 479,604 shares during the last quarter. Polymer Capital Management US LLC bought a new stake in KeyCorp in the fourth quarter worth $321,000. Finally, Cerity Partners LLC increased its position in KeyCorp by 38.6% during the fourth quarter. Cerity Partners LLC now owns 270,994 shares of the financial services provider's stock worth $4,619,000 after buying an additional 75,538 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Price Performance

NYSE:KEY traded down $0.40 during mid-day trading on Monday, hitting $13.87. The company's stock had a trading volume of 1,187,707 shares, compared to its average volume of 12,934,284. 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 stock has a fifty day moving average of $15.75 and a 200-day moving average of $17.14. The company has a market capitalization of $15.20 billion, a price-to-earnings ratio of -46.28, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating 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 business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the firm earned $0.20 EPS. As a group, equities analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its board has approved a stock buyback plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Stephens reiterated an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Morgan Stanley reaffirmed an "equal weight" rating on shares of KeyCorp in a research report on Thursday. Royal Bank of Canada reissued an "outperform" rating on shares of KeyCorp in a research report on Thursday. JPMorgan Chase & Co. decreased 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. Finally, Citigroup reiterated a "buy" rating on shares of KeyCorp in a report on Thursday. Seven 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.50.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the firm'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 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 trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.52% of the stock is currently 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.