5 Worst Performing S&P 500 Stocks in 2023

3. KeyCorp (NYSE:KEY)

Year-to-Date Share Price Decline: 43.61%

Number of Hedge Fund Holders: 34

KeyCorp (NYSE:KEY) was founded in 1849 and is headquartered in Cleveland, Ohio. It is the holding company for KeyBank National Association, providing retail and commercial banking products and services in the United States. As of June 16, KeyCorp (NYSE:KEY) stock plummeted nearly 44% year-to-date, categorizing it as one of the worst performing S&P 500 members. 

On April 20, KeyCorp (NYSE:KEY) reported a Q1 GAAP EPS of $0.30 and a revenue of $1.71 billion, missing Wall Street estimates by $0.14 and $90 million, respectively. 

According to Insider Monkey’s first quarter database, 34 hedge funds were bullish on KeyCorp (NYSE:KEY), compared to 33 funds in the prior quarter. Phill Gross and Robert Atchinson’s Adage Capital Management is the largest stakeholder of the company, with 16.6 million shares worth $209 million.