KeyCorp $KEY Stake Boosted by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB has increased its stake in KeyCorp by 23.2%, owning 107,565 shares valued at approximately $1.87 million after acquiring additional shares in the second quarter.
• Insider Andrew J. Paine III sold 44,953 shares at an average price of $19.29, reducing his ownership stake by 15.50%.
• KeyCorp's recent financial results showed a quarterly earnings per share of $0.41, surpassing the consensus estimate of $0.38, with a significant revenue increase of 172.7% year-over-year.

Nordea Investment Management AB increased its position in shares of KeyCorp (NYSE:KEY - Free Report) by 23.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,565 shares of the financial services provider's stock after acquiring an additional 20,228 shares during the period. Nordea Investment Management AB's holdings in KeyCorp were worth $1,867,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Activest Wealth Management increased its position in KeyCorp by 8,775.0% in the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider's stock worth $25,000 after purchasing an additional 1,404 shares during the last quarter. Tompkins Financial Corp bought a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $26,000. Zions Bancorporation National Association UT acquired a new position in KeyCorp in the first quarter worth approximately $28,000. Allworth Financial LP raised its position in KeyCorp by 246.9% during the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,543 shares in the last quarter. Finally, Concord Wealth Partners raised its position in KeyCorp by 71.5% during the second quarter. Concord Wealth Partners now owns 2,183 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 910 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

Insider Transactions at KeyCorp

In related news, insider Andrew J. Paine III sold 44,953 shares of the company's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the transaction, the insider directly owned 245,044 shares in the company, valued at $4,726,898.76. This represents a 15.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.52% of the company's stock.

KeyCorp Trading Down 0.3%

Shares of NYSE:KEY opened at $17.49 on Thursday. 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's 50-day moving average is $18.54 and its 200-day moving average is $17.13. The company has a market cap of $19.18 billion, a P/E ratio of 21.59, a P/E/G ratio of 0.53 and a beta of 1.15. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.03. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The firm's revenue for the quarter was up 172.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.47) EPS. Equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Citigroup reissued a "neutral" rating and issued a $20.00 target price (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Morgan Stanley upped their price objective on shares of KeyCorp from $20.00 to $24.00 and gave the stock an "underperform" rating in a report on Monday, September 29th. Weiss Ratings restated a "hold (c)" rating on shares of KeyCorp in a report on Wednesday, October 8th. UBS Group upped their price target on KeyCorp from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. Finally, Truist Financial lowered their price objective on KeyCorp from $20.00 to $19.00 and set a "hold" rating on the stock in a report on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $20.75.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

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