Assenagon Asset Management S.A. Sells 703,735 Shares of KeyCorp $KEY

Key Points

• Assenagon Asset Management cut its KeyCorp stake by 53.3% in the third quarter, selling 703,735 shares and retaining 616,145 shares worth approximately $12.4 million.
• KeyCorp shares opened at $19.91, down 0.4%, with a 52-week range of $16.91 to $24.07. The company reported quarterly EPS of $0.44, exceeding analyst expectations of $0.42, while revenue rose 6.7% year over year.
• Analysts maintain a generally positive view, with MarketBeat reporting a “Moderate Buy” consensus rating and an average price target of $46.33, though several firms have issued “Hold” ratings or reduced their targets.

Assenagon Asset Management S.A. reduced its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 53.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 616,145 shares of the financial services provider's stock after selling 703,735 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of KeyCorp worth $12,366,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the company. N.E.W. Advisory Services LLC acquired a new stake in KeyCorp during the second quarter valued at approximately $30,000. Silvant Capital Management LLC bought a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $30,000. Keating Financial Advisory Services Inc. acquired a new stake in KeyCorp during the second quarter worth about $31,000. GK Wealth Management LLC acquired a new stake in KeyCorp during the third quarter worth about $30,000. Finally, Trust Co. of Vermont acquired a new stake in KeyCorp during the second quarter worth about $44,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Trading Down 0.4%

KeyCorp stock opened at $19.91 on Tuesday. KeyCorp has a 52 week low of $16.91 and a 52 week high of $24.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a market capitalization of $21.24 billion, a price-to-earnings ratio of 11.76, a P/E/G ratio of 0.75 and a beta of 1.08. The company has a 50 day moving average price of $21.21 and a 200 day moving average price of $21.83.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm's revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 earnings per share. Research analysts forecast that KeyCorp will post 1.83 EPS for the current year.

Wall Street Analyst Weigh In

KEY has been the subject of a number of research reports. Robert W. Baird lifted their target price on KeyCorp from $22.00 to $23.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. Truist Financial lowered their price target on shares of KeyCorp from $24.00 to $23.00 and set a "hold" rating for the company in a research report on Wednesday, September 23rd. UBS Group lowered their price target on shares of KeyCorp from $27.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Argus raised shares of KeyCorp to a "strong-buy" rating in a report on Wednesday, July 29th. Finally, Wells Fargo & Company lifted their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $46.33.

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.

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