Concurrent Investment Advisors LLC Makes New Investment in KeyCorp $KEY

Key Points

• Concurrent Investment Advisors LLC opened a new position in KeyCorp, purchasing 185,366 shares in Q4 valued at about $3.83 million, while institutional ownership stands at 79.69% after several large funds significantly increased their stakes.
• Wall Street sentiment is mixed but overall positive — the stock carries a consensus rating of Moderate Buy with an average target price of $23.13 (12 Buy, 7 Hold, 1 Sell).
• KeyCorp recently posted an earnings beat of $0.44 vs. $0.41 and revenue of $1.95 billion (up 10.2% YoY), even as insiders (Andrew Paine III and Angela G. Mago) sold shares, leaving insiders with just 0.56% ownership.

Concurrent Investment Advisors LLC purchased a new position in shares of KeyCorp (NYSE:KEY - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 185,366 shares of the financial services provider's stock, valued at approximately $3,826,000.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider's stock worth $679,768,000 after purchasing an additional 17,245,128 shares in the last quarter. Capital World Investors raised its holdings in shares of KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider's stock worth $388,546,000 after purchasing an additional 13,067,326 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of KeyCorp by 2.6% in the 3rd quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider's stock worth $295,295,000 after purchasing an additional 397,523 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of KeyCorp by 12.6% in the 2nd quarter. Bank of America Corp DE now owns 7,843,378 shares of the financial services provider's stock worth $136,632,000 after purchasing an additional 879,678 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of KeyCorp by 39.6% in the 3rd quarter. Victory Capital Management Inc. now owns 6,856,534 shares of the financial services provider's stock worth $128,149,000 after purchasing an additional 1,945,368 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on KEY shares. Wells Fargo & Company set a $18.00 target price on shares of KeyCorp and gave the stock an "underperform" rating in a report on Tuesday, January 6th. Morgan Stanley dropped 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. Royal Bank Of Canada boosted their target price on shares of KeyCorp from $22.00 to $24.00 and gave the stock an "outperform" rating in a report on Friday, April 17th. JPMorgan Chase & Co. dropped their target price 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. Finally, DA Davidson boosted their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.13.

Insider Activity

In other KeyCorp news, insider Andrew J. Paine III sold 65,961 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 166,583 shares in the company, valued at $3,869,723.09. This trade represents a 28.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Angela G. Mago sold 62,850 shares of the company's stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the sale, the insider owned 261,415 shares of the company's stock, valued at approximately $5,633,493.25. This trade represents a 19.38% decrease in their position. The SEC filing for this sale provides additional information. 0.56% of the stock is owned by company insiders.

KeyCorp Stock Performance

KEY stock opened at $21.92 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $23.51 billion, a P/E ratio of 13.44, a P/E/G ratio of 0.69 and a beta of 1.07. The firm has a 50 day simple moving average of $20.68 and a 200 day simple moving average of $20.07. KeyCorp has a 52 week low of $14.44 and a 52 week high of $23.34.

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

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.

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