Mattson Financial Services LLC Acquires New Stake in KeyCorp $KEY

Key Points

• Mattson Financial Services LLC acquired a new stake in KeyCorp, purchasing 19,470 shares valued at approximately $339,000.
• KeyCorp reported $0.41 earnings per share for the last quarter, surpassing analysts' expectations of $0.38, with revenues totaling $1.90 billion.
• Insider transactions included significant sales, with Andrew J. Paine III selling 44,953 shares and Trina M. Evans selling 17,000 shares, indicating a decrease in their ownership stakes.

Mattson Financial Services LLC acquired a new stake in shares of KeyCorp (NYSE:KEY - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,470 shares of the financial services provider's stock, valued at approximately $339,000.

A number of other hedge funds also recently bought and sold shares of KEY. Price T Rowe Associates Inc. MD increased its position in KeyCorp by 40.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock valued at $814,756,000 after acquiring an additional 14,651,281 shares during the last quarter. Vanguard Group Inc. increased its position in KeyCorp by 7.2% during the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after acquiring an additional 8,412,625 shares during the last quarter. Wellington Management Group LLP increased its position in KeyCorp by 1,142.4% during the first quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock valued at $79,978,000 after acquiring an additional 4,599,197 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in KeyCorp during the first quarter valued at $60,194,000. Finally, Invesco Ltd. increased its position in KeyCorp by 19.5% during the first quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider's stock valued at $329,777,000 after acquiring an additional 3,363,421 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Stock Performance

NYSE KEY opened at $16.96 on Friday. The firm has a market cap of $18.60 billion, a price-to-earnings ratio of 20.94, a price-to-earnings-growth ratio of 0.53 and a beta of 1.15. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average price of $18.56 and a 200-day moving average price of $17.07. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04.

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

Wall Street Analyst Weigh In

KEY has been the subject of several recent research reports. Citigroup reissued a "neutral" rating and set a $20.00 price target (up previously from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Wells Fargo & Company boosted their price target on KeyCorp from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, October 3rd. Robert W. Baird lowered KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price target for the company. in a report on Wednesday, July 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of KeyCorp in a report on Wednesday, October 8th. Finally, TD Cowen boosted their price target on KeyCorp from $20.00 to $21.00 and gave the company a "hold" rating in a report on Friday, October 3rd. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $20.86.

Insider Transactions at KeyCorp

In other news, insider Andrew J. Paine III sold 44,953 shares of the company's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total value of $867,143.37. Following the completion of the transaction, the insider owned 245,044 shares of the company's stock, valued at $4,726,898.76. This represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Trina M. Evans sold 17,000 shares of the company's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the completion of the transaction, the director directly owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. This trade represents a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 174,102 shares of company stock valued at $3,299,664 over the last 90 days. Company insiders own 0.52% of the company's stock.

About KeyCorp

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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