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

Hsbc Holdings PLC raised its stake in shares of KeyCorp (NYSE:KEY) by 2.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,513,921 shares of the financial services provider’s stock after buying an additional 69,164 shares during the period. Hsbc Holdings PLC’s holdings in KeyCorp were worth $43,131,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings 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 buying an additional 7,754,576 shares in the last quarter. FMR LLC grew its position in shares of KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock valued at $761,556,000 after acquiring an additional 2,938,405 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of KeyCorp by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock valued at $566,626,000 after purchasing an additional 1,452,179 shares in the last quarter. Geode Capital Management LLC raised its holdings 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 worth $399,169,000 after purchasing an additional 1,647,332 shares during the period. Finally, Invesco Ltd. boosted its position in KeyCorp by 2.9% during the fourth quarter. Invesco Ltd. now owns 17,260,508 shares of the financial services provider’s stock worth $295,845,000 after purchasing an additional 479,604 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the subject of several research analyst reports. Baird R W raised KeyCorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Barclays reduced their price target on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Citigroup reiterated a “buy” rating on shares of KeyCorp in a report on Thursday, April 17th. Keefe, Bruyette & Woods reduced their target price on KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Finally, Stephens reaffirmed an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Eight equities research 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.15.

KeyCorp Stock Performance

KeyCorp stock opened at $14.72 on Friday. The stock 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 company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a 50 day simple moving average of $15.42 and a 200-day simple moving average of $17.06. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the firm earned $0.20 earnings per share. On average, analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mohit Ramani acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average price of $13.75 per share, with a total value of $137,500.00. Following the completion of the transaction, 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. In the last ninety days, insiders have purchased 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.