Comerica Bank Sells 1,364,359 Shares of KeyCorp $KEY

Key Points

• Comerica Bank cut its stake in KeyCorp by 84.1% in the 4th quarter, selling 1,364,359 shares and leaving it with 258,699 shares valued at about $5.34 million.
• KeyCorp beat estimates for the quarter with $0.44 EPS vs. $0.41 expected and $1.95 billion in revenue (up 10.2% YoY); analysts hold a consensus of “Moderate Buy” with an average price target of $23.13.
• Insider Andrew J. Paine III sold 65,961 shares at an average $23.23 (a 28.36% reduction in his position), while corporate insiders own about 0.56% of the stock.

Comerica Bank reduced its position in shares of KeyCorp (NYSE:KEY - Free Report) by 84.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 258,699 shares of the financial services provider's stock after selling 1,364,359 shares during the quarter. Comerica Bank's holdings in KeyCorp were worth $5,340,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KEY. United Community Bank bought a new stake in KeyCorp during the 3rd quarter worth about $27,000. Maseco LLP bought a new stake in KeyCorp during the 4th quarter worth about $27,000. GoalVest Advisory LLC bought a new stake in KeyCorp during the 4th quarter worth about $30,000. Sachetta LLC raised its holdings in KeyCorp by 1,246.1% during the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider's stock worth $32,000 after purchasing an additional 1,595 shares during the last quarter. Finally, Kelleher Financial Advisors bought a new stake in KeyCorp during the 3rd quarter worth about $32,000. 79.69% of the stock is owned by institutional investors.

KeyCorp Price Performance

KeyCorp stock opened at $21.89 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average of $20.69 and a 200-day moving average of $20.13. KeyCorp has a 1 year low of $15.14 and a 1 year high of $23.34. The firm has a market capitalization of $23.49 billion, a P/E ratio of 13.43, a PEG ratio of 0.71 and a beta of 1.06.

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

Insider Activity

In related news, insider Andrew J. Paine III sold 65,961 shares of the business'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 value of $1,532,274.03. Following the completion of the transaction, the insider directly owned 166,583 shares in the company, valued at approximately $3,869,723.09. The trade was a 28.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Evercore restated an "outperform" rating on shares of KeyCorp in a research report on Tuesday, April 21st. Morgan Stanley decreased their target price on KeyCorp from $26.00 to $24.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. Jefferies Financial Group boosted their target price on KeyCorp from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, April 17th. Piper Sandler boosted their target price on KeyCorp from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. Finally, Robert W. Baird boosted their target price on KeyCorp from $19.00 to $22.00 and gave the stock a "neutral" rating in a research report on Friday, April 17th. 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.13.

KeyCorp Company 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.

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.