HoldCo Asset Management LP Sells 1,690,000 Shares of KeyCorp $KEY

Key Points

• HoldCo Asset Management LP trimmed its stake in KeyCorp by 33.8%, selling 1,690,000 shares and leaving it with 3,304,000 shares (about 0.30% of the company) worth roughly $61.75 million, making KeyCorp its 7th largest holding.
• KeyCorp beat quarterly EPS estimates ($0.41 vs. $0.39) with revenue up 131.8% year-over-year, and the company pays a $0.205 quarterly dividend (4.3% yield).
• Insiders sold about 161,506 shares (~$3.6M) over the last three months, while analysts have a consensus rating of Moderate Buy and an average price target of $23.03.

HoldCo Asset Management LP trimmed its position in shares of KeyCorp (NYSE:KEY - Free Report) by 33.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,304,000 shares of the financial services provider's stock after selling 1,690,000 shares during the quarter. KeyCorp makes up approximately 6.5% of HoldCo Asset Management LP's investment portfolio, making the stock its 7th largest position. HoldCo Asset Management LP owned about 0.30% of KeyCorp worth $61,752,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Holocene Advisors LP purchased a new stake in shares of KeyCorp during the third quarter worth $7,934,000. Focus Partners Wealth lifted its stake in shares of KeyCorp by 160.8% in the third quarter. Focus Partners Wealth now owns 798,826 shares of the financial services provider's stock worth $14,930,000 after buying an additional 492,478 shares in the last quarter. Brevan Howard Capital Management LP lifted its stake in shares of KeyCorp by 130.6% in the third quarter. Brevan Howard Capital Management LP now owns 584,471 shares of the financial services provider's stock worth $10,924,000 after buying an additional 330,967 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in KeyCorp by 30.1% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 27,297 shares of the financial services provider's stock worth $510,000 after acquiring an additional 6,316 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in KeyCorp by 4.7% during the third quarter. California Public Employees Retirement System now owns 1,633,137 shares of the financial services provider's stock worth $30,523,000 after acquiring an additional 73,481 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Price Performance

Shares of KEY stock opened at $18.88 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $20.57 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 0.56 and a beta of 1.08. The firm's 50-day moving average is $21.31 and its two-hundred day moving average is $19.67. KeyCorp has a 12 month low of $12.73 and a 12 month high of $23.34.

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

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, March 3rd. KeyCorp's dividend payout ratio is presently 53.95%.

Analysts Set New Price Targets

Several analysts recently issued reports on KEY shares. Jefferies Financial Group increased their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company a "hold" rating in a report on Wednesday, December 10th. Barclays boosted their target price on KeyCorp from $20.00 to $24.00 and gave the stock an "equal weight" rating in a report on Monday, January 5th. DA Davidson set a $25.00 price target on KeyCorp in a research report on Wednesday, January 21st. TD Cowen reaffirmed a "buy" rating on shares of KeyCorp in a report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. lifted their price objective on KeyCorp from $22.00 to $24.50 and gave the stock a "neutral" rating in a research report on Monday, February 9th. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, KeyCorp presently has a consensus rating of "Moderate Buy" and an average price target of $23.03.

Insider Buying and Selling

In other news, insider Angela G. Mago sold 62,850 shares of the company's stock in a transaction on 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 transaction, the insider owned 261,415 shares of the company's stock, valued at $5,633,493.25. This represents a 19.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Paine III sold 65,961 shares of the stock in a transaction 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 transaction, the insider owned 166,583 shares of the company's stock, valued at approximately $3,869,723.09. This represents a 28.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 161,506 shares of company stock worth $3,597,481. Company insiders own 0.52% of the company's stock.

About KeyCorp

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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