Swiss Life Asset Management Ltd Purchases 960,625 Shares of KeyCorp $KEY

Key Points

• Swiss Life Asset Management increased its stake in KeyCorp by 72.4% in the fourth quarter, buying an additional 960,625 shares and bringing its total holding to 2,287,205 shares worth about $47.2 million.
• KeyCorp reported better-than-expected quarterly earnings of $0.44 per share on revenue of $1.95 billion, with revenue up 10.2% year over year.
• Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $23.18, while KeyCorp shares recently traded at $21.61.

Swiss Life Asset Management Ltd lifted its position in shares of KeyCorp (NYSE:KEY - Free Report) by 72.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,287,205 shares of the financial services provider's stock after purchasing an additional 960,625 shares during the period. Swiss Life Asset Management Ltd owned about 0.21% of KeyCorp worth $47,208,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Maseco LLP bought a new stake in shares of KeyCorp during the fourth quarter worth about $27,000. United Community Bank bought a new stake in KeyCorp in the third quarter valued at approximately $27,000. GoalVest Advisory LLC bought a new stake in KeyCorp in the fourth quarter valued at approximately $30,000. True Wealth Design LLC boosted its holdings in KeyCorp by 1,263.5% in the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 1,592 shares during the last quarter. Finally, Sachetta LLC boosted its holdings in KeyCorp by 1,246.1% in the third quarter. Sachetta LLC now owns 1,723 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,595 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $21.61 on Monday. 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 has a twelve month low of $15.28 and a twelve month high of $23.34. The stock's 50 day moving average is $20.72 and its 200-day moving average is $20.27. The firm has a market capitalization of $23.42 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.69 and a beta of 1.06.

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, topping analysts' consensus estimates of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. KeyCorp's revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts forecast that KeyCorp will post 1.82 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on KEY shares. Evercore reiterated an "outperform" rating on shares of KeyCorp in a report on Tuesday, April 21st. Morgan Stanley reduced their target price on KeyCorp from $26.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. DA Davidson upped their target price on KeyCorp from $26.00 to $27.00 and gave the company a "buy" rating in a report on Monday, May 4th. Piper Sandler upped their target price on KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Friday, April 17th. Finally, JPMorgan Chase & Co. reduced their target price on KeyCorp from $24.50 to $22.50 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to 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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