Carnegie Investment Counsel Raises Stock Holdings in KeyCorp $KEY

Key Points

• Carnegie Investment Counsel boosted its stake in KeyCorp (NYSE:KEY) by 160.1% in Q4 and now holds 79,142 shares valued at $1,633,000.
• Company insiders sold a total of 161,506 shares in the past three months (about $3.6M), including large disposals by Andrew J. Paine III and Angela G. Mago, leaving insiders with roughly 0.56% ownership.
• Analyst sentiment is mixed but tilted positive: the consensus rating is a "Moderate Buy" with a $22.61 price target, even as several firms (Morgan Stanley, JPMorgan, Goldman) have recently trimmed their targets.

Carnegie Investment Counsel grew its position in shares of KeyCorp (NYSE:KEY - Free Report) by 160.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 79,142 shares of the financial services provider's stock after acquiring an additional 48,720 shares during the quarter. Carnegie Investment Counsel's holdings in KeyCorp were worth $1,633,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. United Community Bank purchased a new stake in KeyCorp during the third quarter valued at $27,000. Maseco LLP purchased a new position in shares of KeyCorp in the 4th quarter worth $27,000. GoalVest Advisory LLC purchased a new position in shares of KeyCorp in the 4th quarter worth $30,000. Sachetta LLC increased its holdings in shares of KeyCorp by 1,246.1% in the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider's stock worth $32,000 after buying an additional 1,595 shares during the last quarter. Finally, Kelleher Financial Advisors bought a new stake in shares of KeyCorp in the 3rd quarter worth about $32,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on KEY. Morgan Stanley lowered their price target on shares of KeyCorp from $26.00 to $24.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. Argus upped their price objective on KeyCorp from $21.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Truist Financial lowered their price objective on KeyCorp from $23.00 to $22.00 and set a "hold" rating for the company in a research note on Monday, March 23rd. TD Cowen reiterated a "buy" rating on shares of KeyCorp in a report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. cut their target price on KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $22.61.

Insider Buying and Selling

In related news, insider Andrew J. Paine III sold 65,961 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The stock was 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 directly owned 166,583 shares of the company's stock, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of the company's stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the transaction, the insider directly owned 261,415 shares in the company, valued at $5,633,493.25. This trade represents a 19.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 161,506 shares of company stock valued at $3,597,481. Insiders own 0.56% of the company's stock.

More KeyCorp News

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: Wall Street previews point to earnings growth and KeyCorp appears positioned to deliver a likely beat next week, which can support the stock if results and guidance are favorable. KeyCorp (KEY) Reports Next Week: Wall Street Expects Earnings Growth
• Positive Sentiment: KeyBank Foundation announced a $225,000 investment for affordable-housing repairs in Toledo — a modest but constructive community-relations move that supports brand and local lending relationships. KeyBank Foundation Invests $225,000 To Preserve Affordable Housing in Toledo's Old South End
• Neutral Sentiment: Coverage notes highlight KeyCorp among banks with attractive dividends; that can draw income investors but doesn’t immediately change fundamentals. Evercore trimmed its recommendation level in its Q1 preview while maintaining an Outperform stance. Is KeyCorp (KEY) Among the 13 Bank Stocks with Highest Dividends?
• Negative Sentiment: Goldman Sachs cut its price target on KeyCorp to $25.00, a move that can pressure the stock by lowering analyst-implied upside and signaling more cautious sentiment among institutional investors. The Goldman Sachs Group Cuts KeyCorp NYSE: KEY Price Target to $25.00
• Negative Sentiment: JPMorgan has also lowered its expectations for KeyCorp’s stock, adding to the downward pressure from the sell-side and contributing to weaker near-term sentiment ahead of results. JPMorgan Chase & Co. Has Lowered Expectations for KeyCorp NYSE: KEY Stock Price

KeyCorp Price Performance

KEY stock opened at $21.47 on Monday. The stock has a market cap of $23.03 billion, a PE ratio of 14.12, a P/E/G ratio of 0.70 and a beta of 1.07. KeyCorp has a 12 month low of $13.21 and a 12 month high of $23.34. The company has a 50-day moving average price of $20.81 and a 200 day moving average price of $19.82. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same period in the prior year, the company posted $0.30 EPS. The firm's revenue for the quarter was up 131.8% on a year-over-year basis. Equities research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, March 3rd. KeyCorp's dividend payout ratio is presently 53.95%.

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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