Aquatic Capital Management LLC Takes Position in KeyCorp (NYSE:KEY)

Aquatic Capital Management LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 417,523 shares of the financial services provider’s stock, valued at approximately $7,156,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of 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 in the last quarter. FMR LLC increased its holdings in KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after purchasing an additional 2,938,405 shares during the period. Price T Rowe Associates Inc. MD raised its position in KeyCorp by 4.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider’s stock valued at $622,229,000 after purchasing an additional 1,645,296 shares in the last quarter. Charles Schwab Investment Management Inc. boosted 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 buying an additional 1,452,179 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its position in shares of KeyCorp by 4.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider’s stock worth $465,929,000 after buying an additional 1,062,615 shares in the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Trading Down 1.0 %

NYSE KEY opened at $14.72 on Friday. The firm’s fifty day moving average is $15.42 and its two-hundred day moving average is $17.06. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $16.13 billion, a PE ratio of -49.07, a P/E/G ratio of 0.65 and a beta of 1.06.

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

KeyCorp announced that its board has authorized a share buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now directly 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mohit Ramani acquired 10,000 shares of the stock in a transaction on Monday, April 21st. The stock was acquired at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the acquisition, the insider now directly owns 10,000 shares in the company, valued at $137,500. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 60,180 shares of company stock valued at $1,032,525 over the last three months. 0.52% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

KEY has been the subject of a number of recent research reports. Wells Fargo & Company reiterated an “overweight” rating on shares of KeyCorp in a research note on Thursday, April 17th. JPMorgan Chase & Co. lowered their target price on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. StockNews.com upgraded KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, April 21st. Barclays lowered their price objective on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their target price on KeyCorp from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.15.

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.