Alps Advisors Inc. Purchases 111,126 Shares of KeyCorp $KEY

Key Points

• Alps Advisors increased its KeyCorp stake by 9.3%, buying 111,126 shares in the third quarter to hold 1.30 million shares valued at about $26.2 million.
• Institutional investors own 79.69% of KeyCorp shares. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $46.25.
• KeyCorp reported quarterly EPS of $0.51, beating the $0.46 consensus estimate; revenue was $2.05 billion, up 8.3% year over year.

Alps Advisors Inc. raised its holdings in shares of KeyCorp (NYSE:KEY - Free Report) by 9.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,304,692 shares of the financial services provider's stock after purchasing an additional 111,126 shares during the quarter. Alps Advisors Inc. owned approximately 0.12% of KeyCorp worth $26,185,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of KEY. Bank of Nova Scotia purchased a new stake in shares of KeyCorp in the second quarter worth $3,636,436,000. BlackRock Inc. acquired a new stake in KeyCorp during the 2nd quarter worth $2,039,113,000. Deutsche Bank AG purchased a new position in shares of KeyCorp during the 2nd quarter worth approximately $380,244,000. North Reef Capital Management LP acquired a new stake in shares of KeyCorp during the first quarter worth approximately $253,632,000. Finally, Legal & General Group Plc purchased a new stake in KeyCorp in the 2nd quarter worth about $142,169,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on KEY shares. Evercore reaffirmed an "outperform" rating and set a $24.00 price objective on shares of KeyCorp in a research report on Thursday, October 1st. Argus upgraded shares of KeyCorp to a "strong-buy" rating in a report on Wednesday, July 29th. Citigroup reissued a "neutral" rating on shares of KeyCorp in a research note on Tuesday, September 22nd. Truist Financial dropped their price target on KeyCorp from $24.00 to $23.00 and set a "hold" rating on the stock in a research note on Wednesday, September 23rd. Finally, Stephens reaffirmed an "overweight" rating and issued a $26.00 price objective on shares of KeyCorp in a research note on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $46.25.

Insider Activity at KeyCorp

In other news, insider Andrew Paine, III sold 39,130 shares of the stock in a transaction on Wednesday, October 28th. The stock was sold at an average price of $21.20, for a total transaction of $829,556.00. Following the transaction, the insider directly owned 191,571 shares of the company's stock, valued at $4,061,305.20. This represents a 16.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.56% of the company's stock.

KeyCorp Stock Down 0.4%

Shares of KEY opened at $20.89 on Friday. The stock has a 50 day moving average price of $20.86 and a 200 day moving average price of $21.55. KeyCorp has a one year low of $16.91 and a one year high of $24.07. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a market capitalization of $22.29 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.76 and a beta of 1.07.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.05. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion. KeyCorp had a net margin of 18.56% and a return on equity of 12.06%. The company's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the firm posted $0.41 EPS. Equities research analysts forecast that KeyCorp will post 1.88 earnings per share for the current fiscal year.

KeyCorp Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, it provides retail and commercial banking services to individuals, businesses, institutional clients and government entities.

KeyBank's offerings include checking and savings accounts, consumer lending, mortgages, home equity financing, credit cards, business loans, treasury management and payment services. The company also provides investment banking and capital markets services through KeyBanc Capital Markets, as well as wealth management, investment management and personal financial planning services.

KeyCorp traces its history to 1825, when the institution that became KeyBank was established in Albany, New York.

Want to see what other hedge funds are holding KEY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for KeyCorp (NYSE:KEY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.