Rhino Investment Partners Inc Trims Position in KeyCorp (NYSE:KEY)

Rhino Investment Partners Inc trimmed its position in KeyCorp (NYSE:KEY) by 48.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 745,936 shares of the financial services provider’s stock after selling 692,382 shares during the quarter. KeyCorp makes up approximately 2.8% of Rhino Investment Partners Inc’s portfolio, making the stock its 15th biggest holding. Rhino Investment Partners Inc owned approximately 0.08% of KeyCorp worth $12,785,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. TCTC Holdings LLC increased its holdings in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 611 shares during the period. Signaturefd LLC raised its holdings in shares of KeyCorp by 16.0% in the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 614 shares in the last quarter. Modera Wealth Management LLC raised its holdings in shares of KeyCorp by 3.9% in the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after acquiring an additional 627 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of KeyCorp by 2.6% during the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock worth $423,000 after purchasing an additional 631 shares in the last quarter. Finally, Ballentine Partners LLC increased its position in shares of KeyCorp by 5.7% in the fourth quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 692 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Stock Down 0.7 %

Shares of KeyCorp stock opened at $14.84 on Thursday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The firm has a market cap of $16.26 billion, a price-to-earnings ratio of -49.47, a PEG ratio of 0.65 and a beta of 1.06. The company has a 50-day moving average of $15.27 and a 200 day moving average of $17.01. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm earned $0.20 earnings per share. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a stock buyback program 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 programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Mohit Ramani bought 10,000 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was acquired at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the acquisition, the insider now owns 10,000 shares of the company’s stock, valued at approximately $137,500. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 60,180 shares of company stock valued at $1,032,525. 0.52% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

KEY has been the subject of several research reports. DA Davidson cut their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods lowered their target price on KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. 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 report on Monday, April 21st. Evercore ISI set a $17.00 target price on shares of KeyCorp in a report on Monday. Finally, StockNews.com raised KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, April 21st. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $18.97.

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.