Vanguard Group Inc. Increases Holdings in KeyCorp $KEY

Key Points

• Vanguard Group increased its stake in KeyCorp by 1.0%, buying 1,192,323 shares to hold 124,811,543 shares—about 11.42% of the company valued at roughly $2.576 billion per its latest SEC filing.
• KeyCorp beat expectations for the quarter with $0.44 EPS vs. $0.41 and $1.95B revenue (up 10.2% YoY), and analysts have an average rating of "Moderate Buy" with a mean target price of $23.13 (12 Buys, 7 Holds, 1 Sell).
• Insider selling occurred recently: Andrew J. Paine III sold 65,961 shares and Angela G. Mago sold 62,850 shares, leaving insiders with about 0.56% ownership.

Vanguard Group Inc. lifted its position in shares of KeyCorp (NYSE:KEY - Free Report) by 1.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,811,543 shares of the financial services provider's stock after buying an additional 1,192,323 shares during the period. Vanguard Group Inc. owned about 11.42% of KeyCorp worth $2,576,110,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of KEY. Brighton Jones LLC purchased a new position in shares of KeyCorp during the 4th quarter valued at about $476,000. Woodline Partners LP raised its holdings in shares of KeyCorp by 41.4% during the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider's stock valued at $1,346,000 after buying an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of KeyCorp by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after buying an additional 1,890 shares in the last quarter. Cresset Asset Management LLC raised its holdings in shares of KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after buying an additional 926 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in KeyCorp during the 2nd quarter worth approximately $186,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on KEY. Weiss Ratings upgraded KeyCorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, February 25th. Evercore restated an "outperform" rating on shares of KeyCorp in a research report on Tuesday, April 21st. Barclays raised their price target on KeyCorp from $20.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Monday, January 5th. Wells Fargo & Company set a $18.00 price target on KeyCorp and gave the stock an "underperform" rating in a research report on Tuesday, January 6th. Finally, Citigroup restated a "neutral" rating on shares of KeyCorp in a research report on Wednesday, December 31st. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.13.

Insider Buying and Selling

In other news, insider Andrew J. Paine III sold 65,961 shares of KeyCorp stock in a transaction that occurred 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 sale, the insider directly owned 166,583 shares in the company, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction that occurred 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 completion of the sale, the insider owned 261,415 shares in the company, valued at approximately $5,633,493.25. This represents a 19.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.56% of the stock is currently owned by company insiders.

KeyCorp Price Performance

Shares of KEY stock opened at $21.95 on Wednesday. The firm has a market cap of $23.54 billion, a P/E ratio of 13.46, a P/E/G ratio of 0.70 and a beta of 1.07. KeyCorp has a fifty-two week low of $14.44 and a fifty-two week high of $23.34. The business's 50 day moving average price is $20.69 and its 200-day moving average price is $20.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.38 EPS. On average, equities research analysts anticipate that KeyCorp will post 1.82 earnings per share for the current year.

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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