State of New Jersey Common Pension Fund D Lowers Stock Position in KeyCorp $KEY

State of New Jersey Common Pension Fund D lessened its stake in shares of KeyCorp (NYSE:KEY - Free Report) by 31.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,031 shares of the financial services provider's stock after selling 72,851 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in KeyCorp were worth $3,262,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in KeyCorp by 2.7% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider's stock worth $37,641,000 after buying an additional 53,682 shares during the period. Synovus Financial Corp purchased a new position in KeyCorp during the third quarter worth about $2,253,000. National Pension Service boosted its stake in KeyCorp by 30.6% during the third quarter. National Pension Service now owns 198,659 shares of the financial services provider's stock worth $3,713,000 after buying an additional 46,509 shares during the period. Xponance Inc. boosted its stake in KeyCorp by 31.0% during the third quarter. Xponance Inc. now owns 471,949 shares of the financial services provider's stock worth $8,821,000 after buying an additional 111,753 shares during the period. Finally, Caisse Des Depots ET Consignations purchased a new position in KeyCorp during the third quarter worth about $1,294,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Stock Up 0.9%

Shares of NYSE:KEY opened at $21.86 on Wednesday. The firm's 50 day moving average price is $20.69 and its 200 day moving average price is $20.19. The stock has a market cap of $23.45 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 0.69 and a beta of 1.06. KeyCorp has a fifty-two week low of $15.16 and a fifty-two 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.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm's revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 earnings per share. As a group, equities research analysts predict that KeyCorp will post 1.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Andrew J. Paine III sold 65,961 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the sale, the insider owned 166,583 shares of the company's stock, valued at $3,869,723.09. This trade represents a 28.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on KEY. Truist Financial lowered their target price on shares of KeyCorp from $23.00 to $22.00 and set a "hold" rating for the company in a research note on Monday, March 23rd. TD Cowen reissued a "buy" rating on shares of KeyCorp in a research report on Wednesday, January 7th. Robert W. Baird increased their price target 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 target on shares of KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Finally, Piper Sandler increased their price target on shares of KeyCorp from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Friday, April 17th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, KeyCorp currently has an average rating of "Moderate Buy" and a consensus target price of $23.18.

KeyCorp 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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