Mirae Asset Global Investments Co. Ltd. Buys New Holdings in KeyCorp $KEY

Key Points

• Mirae Asset Global Investments bought 231,901 KeyCorp shares in the third quarter, worth about $4.65 million. Institutional investors collectively own 79.69% of the stock.
• KeyCorp reported quarterly earnings of $0.51 per share, beating the $0.46 consensus estimate. Revenue was $2.05 billion, in line with estimates and up 8.3% year over year.
• Insider Andrew Paine sold 39,130 shares at an average price of $21.20, reducing his stake by 16.96%. Analysts’ ratings were mostly Buy or Hold, with MarketBeat describing the consensus as “Moderate Buy.”

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of KeyCorp (NYSE:KEY - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 231,901 shares of the financial services provider's stock, valued at approximately $4,654,000.

Other large investors have also recently made changes to their positions in the company. Bank of Nova Scotia bought a new stake in shares of KeyCorp in the 2nd quarter worth approximately $3,636,436,000. BlackRock Inc. bought a new position in shares of KeyCorp during the 2nd quarter valued at $2,039,113,000. Deutsche Bank AG bought a new position in shares of KeyCorp during the 2nd quarter valued at $380,244,000. North Reef Capital Management LP bought a new position in shares of KeyCorp during the 1st quarter valued at $253,632,000. Finally, Legal & General Group Plc purchased a new position in KeyCorp in the 2nd quarter worth $142,169,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Andrew Paine, III sold 39,130 shares of the business's stock in a transaction dated Wednesday, October 28th. The shares were sold at an average price of $21.20, for a total value of $829,556.00. Following the transaction, the insider owned 191,571 shares in the company, valued at approximately $4,061,305.20. The trade was a 16.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

KEY has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on shares of KeyCorp from $23.00 to $23.50 and gave the stock a "neutral" rating in a research note on Friday, October 30th. Truist Financial reduced their price objective on KeyCorp from $24.00 to $23.00 and set a "hold" rating on the stock in a research note on Wednesday, September 23rd. Evercore reaffirmed an "outperform" rating and set a $24.00 price objective on shares of KeyCorp in a research note on Thursday, October 1st. Keefe, Bruyette & Woods lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Wednesday, July 22nd. Finally, DA Davidson boosted their target price on KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, KeyCorp currently has an average rating of "Moderate Buy" and a consensus price target of $46.25.

KeyCorp Stock Down 2.8%

Shares of KeyCorp stock opened at $20.95 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52-week low of $16.91 and a 52-week high of $24.07. The stock has a market capitalization of $22.35 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 0.76 and a beta of 1.07. The company's 50 day moving average price is $20.89 and its 200-day moving average price is $21.55.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.05. The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. KeyCorp had a net margin of 18.56% and a return on equity of 12.06%. The firm's revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. Equities research analysts forecast that KeyCorp will post 1.88 EPS for the current year.

About KeyCorp

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, it provides retail and commercial banking services to individuals, businesses, institutional clients and government entities.

KeyBank's offerings include checking and savings accounts, consumer lending, mortgages, home equity financing, credit cards, business loans, treasury management and payment services. The company also provides investment banking and capital markets services through KeyBanc Capital Markets, as well as wealth management, investment management and personal financial planning services.

KeyCorp traces its history to 1825, when the institution that became KeyBank was established in Albany, New York.

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