Munich Reinsurance Co Stock Corp in Munich Acquires New Holdings in KeyCorp $KEY

Key Points

• Munich Re bought a new fourth‑quarter stake of 53,902 shares in KeyCorp valued at about $1,117,000, and institutional investors now own roughly 79.69% of the company.
• Insiders Angela G. Mago and Andrew J. Paine III sold 62,850 and 65,961 shares respectively (reducing their positions by ~19.38% and ~28.36%), leaving insider ownership at just 0.56%.
• KeyCorp beat estimates in its most recent quarter with EPS of $0.44 (vs. $0.41 est.) and revenue of $1.95B (+10.2% YoY); analysts' consensus is a Moderate Buy with an average price target of $23.13 while shares trade near $21.63.

Munich Reinsurance Co Stock Corp in Munich bought a new stake in shares of KeyCorp (NYSE:KEY - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 53,902 shares of the financial services provider's stock, valued at approximately $1,117,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Maseco LLP acquired a new stake in KeyCorp during the 4th quarter valued at approximately $27,000. United Community Bank acquired a new stake in KeyCorp during the 3rd quarter valued at approximately $27,000. GoalVest Advisory LLC acquired a new stake in KeyCorp during the 4th quarter valued at approximately $30,000. True Wealth Design LLC increased its position in KeyCorp by 1,263.5% during the 4th quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 1,592 shares during the period. Finally, Sachetta LLC increased its position in KeyCorp by 1,246.1% during the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 1,595 shares during the period. Institutional investors and hedge funds own 79.69% of the company's stock.

Insiders Place Their Bets

In related news, insider Angela G. Mago sold 62,850 shares of the 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 directly owned 261,415 shares in the company, valued at $5,633,493.25. This trade represents a 19.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 completion of the transaction, the insider owned 166,583 shares in the company, valued at approximately $3,869,723.09. This represents a 28.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.56% of the stock is owned by company insiders.

KeyCorp Stock Performance

Shares of KEY stock opened at $21.63 on Friday. The company has a market cap of $23.20 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 0.70 and a beta of 1.07. KeyCorp has a 52 week low of $14.44 and a 52 week high of $23.34. 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 firm has a 50 day moving average of $20.68 and a 200-day moving average of $20.03.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 EPS. On average, equities analysts forecast that KeyCorp will post 1.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on KEY shares. TD Cowen reissued a "buy" rating on shares of KeyCorp in a research report on Wednesday, January 7th. Wells Fargo & Company set a $18.00 target price on shares of KeyCorp and gave the company an "underperform" rating in a research report on Tuesday, January 6th. Robert W. Baird raised their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock a "neutral" rating in a research report on Friday, April 17th. JPMorgan Chase & Co. reduced their price objective on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Finally, The Goldman Sachs Group raised their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.13.

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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