Nordea Investment Management AB cut its stake in KeyCorp (NYSE:KEY – Free Report) by 95.9% in the third quarter, HoldingsChannel.com reports. The fund owned 102,142 shares of the financial services provider’s stock after selling 2,375,645 shares during the period. Nordea Investment Management AB’s holdings in KeyCorp were worth $1,115,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of KEY. Tortoise Investment Management LLC increased its stake in KeyCorp by 47.8% during the 2nd quarter. Tortoise Investment Management LLC now owns 3,094 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,000 shares in the last quarter. Concord Wealth Partners increased its stake in KeyCorp by 330.8% during the 2nd quarter. Concord Wealth Partners now owns 3,136 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 2,408 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of KeyCorp during the 2nd quarter worth approximately $30,000. Deseret Mutual Benefit Administrators grew its stake in shares of KeyCorp by 49.9% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 3,595 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 1,197 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of KeyCorp during the 2nd quarter worth approximately $37,000. 77.77% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
KEY has been the subject of several research reports. Royal Bank of Canada raised their price target on shares of KeyCorp from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. DA Davidson decreased their price target on shares of KeyCorp from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, January 19th. The Goldman Sachs Group raised their target price on shares of KeyCorp from $13.50 to $15.00 and gave the company a “buy” rating in a research note on Monday, December 18th. Stephens raised shares of KeyCorp from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, December 20th. Finally, Morgan Stanley raised their target price on shares of KeyCorp from $12.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.00.
Get Our Latest Research Report on KeyCorp
KeyCorp Stock Down 0.6 %
KEY stock opened at $14.26 on Friday. The company has a market cap of $13.35 billion, a PE ratio of 16.02 and a beta of 1.29. The business has a 50-day simple moving average of $14.26 and a 200 day simple moving average of $12.34. KeyCorp has a 52 week low of $8.53 and a 52 week high of $18.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.61.
KeyCorp (NYSE:KEY – Get Free Report) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a return on equity of 10.63% and a net margin of 8.61%. During the same quarter in the previous year, the firm earned $0.38 earnings per share. Sell-side analysts anticipate that KeyCorp will post 1.22 EPS for the current fiscal year.
KeyCorp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Tuesday, February 27th will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.75%. The ex-dividend date of this dividend is Monday, February 26th. KeyCorp’s dividend payout ratio (DPR) is presently 92.13%.
Insider Activity at KeyCorp
In other KeyCorp news, insider Kenneth C. Gavrity sold 2,376 shares of KeyCorp stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the transaction, the insider now owns 98,120 shares in the company, valued at $1,376,623.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other KeyCorp news, insider Angela G. Mago sold 3,405 shares of KeyCorp stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $14.24, for a total value of $48,487.20. Following the transaction, the insider now owns 214,630 shares in the company, valued at $3,056,331.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kenneth C. Gavrity sold 2,376 shares of KeyCorp stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the transaction, the insider now owns 98,120 shares in the company, valued at approximately $1,376,623.60. The disclosure for this sale can be found here. Insiders sold a total of 35,825 shares of company stock valued at $496,214 over the last quarter. 0.61% of the stock is owned by corporate insiders.
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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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