Price T Rowe Associates Inc. MD Has $622.23 Million Position in KeyCorp (NYSE:KEY)

Price T Rowe Associates Inc. MD lifted its position in shares of KeyCorp (NYSE:KEY) by 4.7% during the 4th quarter, Holdings Channel reports. The firm owned 36,302,732 shares of the financial services provider’s stock after purchasing an additional 1,645,296 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in KeyCorp were worth $622,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock worth $19,149,000 after acquiring an additional 36,424 shares during the period. Truist Financial Corp lifted its stake in shares of KeyCorp by 27.1% during the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock worth $1,643,000 after buying an additional 20,424 shares during the last quarter. Avanza Fonder AB acquired a new position in KeyCorp in the 4th quarter valued at about $1,618,000. Proficio Capital Partners LLC bought a new position in KeyCorp in the 4th quarter valued at about $1,519,000. Finally, CHURCHILL MANAGEMENT Corp lifted its position in KeyCorp by 5.9% during the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider’s stock worth $7,976,000 after acquiring an additional 26,047 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on KEY. Morgan Stanley reiterated an “equal weight” rating on shares of KeyCorp in a research note on Thursday, April 17th. DA Davidson dropped their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Barclays cut 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. Keefe, Bruyette & Woods reduced their price target on KeyCorp from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, JPMorgan Chase & Co. dropped their price objective on KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Eight research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.15.

KeyCorp Price Performance

KEY stock opened at $14.87 on Friday. 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 has a 52-week low of $12.73 and a 52-week high of $20.04. The company has a market capitalization of $16.29 billion, a P/E ratio of -49.57, a PEG ratio of 0.65 and a beta of 1.06. The company has a fifty day moving average price of $15.49 and a 200-day moving average price of $17.07.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm posted $0.20 earnings per share. As a group, equities analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its board has authorized a share repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Transactions at KeyCorp

In related news, insider Mohit Ramani acquired 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, for a total transaction of $137,500.00. Following the purchase, the insider now directly owns 10,000 shares of the company’s stock, valued at $137,500. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Of Nova Scotia Bank bought 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction 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 $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 60,180 shares of company stock worth $1,032,525. Company insiders own 0.52% of the company’s stock.

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.