Artemis Investment Management LLP Takes Position in KeyCorp $KEY

Key Points

• Artemis Investment Management LLP opened a new position in KeyCorp (KEY), acquiring 2,711,654 shares in Q4 valued at approximately $55.97 million and representing about 0.25% of the company.
• Insider Andrew J. Paine III sold 65,961 shares on Feb. 6 at an average price of $23.23, cutting his stake by 28.36% to 166,583 shares; corporate insiders now own roughly 0.56% of the stock.
• KeyCorp beat quarterly estimates with $0.44 EPS vs. $0.41 and $1.95 billion in revenue (up 10.2% y/y); analysts hold a "Moderate Buy" consensus with an average target price of $23.13.

Artemis Investment Management LLP bought a new stake in KeyCorp (NYSE:KEY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,711,654 shares of the financial services provider's stock, valued at approximately $55,969,000. Artemis Investment Management LLP owned 0.25% of KeyCorp as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in KEY. Brighton Jones LLC acquired a new position in shares of KeyCorp in the 4th quarter valued at $476,000. Woodline Partners LP boosted its holdings in shares of KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after purchasing an additional 24,627 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of KeyCorp by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after purchasing an additional 1,890 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in shares of KeyCorp by 6.5% in the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after purchasing an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new position in shares of KeyCorp in the 2nd quarter valued at $186,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In related news, insider Andrew J. Paine III sold 65,961 shares of the business's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the completion of the sale, the insider owned 166,583 shares of the company's stock, valued at $3,869,723.09. This represents a 28.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $21.89 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a fifty-two week low of $15.14 and a fifty-two week high of $23.34. The firm has a 50-day simple moving average of $20.69 and a 200 day simple moving average of $20.13. The company has a market cap of $23.49 billion, a PE ratio of 13.43, a P/E/G ratio of 0.71 and a beta of 1.06.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, sell-side analysts anticipate that KeyCorp will post 1.82 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on KEY. JPMorgan Chase & Co. decreased their price target on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Barclays lifted their target price on shares of KeyCorp from $20.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, January 5th. The Goldman Sachs Group lifted their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company a "buy" rating in a report on Friday, April 17th. TD Cowen restated a "buy" rating on shares of KeyCorp in a report on Wednesday, January 7th. Finally, Morgan Stanley reduced their target price on shares of KeyCorp from $26.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.13.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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