KeyCorp (NYSE:KEY) Insider Andrew Paine III Sells 39,130 Shares of Stock

Key Points

• KeyCorp insider Andrew Paine III sold 39,130 shares at an average price of $21.20, generating $829,556. His remaining stake fell by 16.96% to 191,571 shares.
• KeyCorp shares rose 1.3% to $21.48, while the company reported quarterly earnings of $0.51 per share, beating estimates by $0.05. Revenue reached $2.05 billion, up 8.3% year over year.
• Institutional investors own 79.69% of KeyCorp, with notable increased holdings from State Street and Bank of Nova Scotia. Analysts maintain a consensus “Moderate Buy” rating, with a reported average price target of $46.22.

KeyCorp (NYSE:KEY - Get Free Report) insider Andrew Paine III sold 39,130 shares of the business's stock in a transaction on Wednesday, October 28th. The stock was sold at an average price of $21.20, for a total value of $829,556.00. Following the completion of the sale, the insider directly owned 191,571 shares in the company, valued at $4,061,305.20. This trade represents a 16.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

KeyCorp Stock Up 1.3%

NYSE KEY traded up $0.28 during mid-day trading on Thursday, reaching $21.48. The stock had a trading volume of 13,378,797 shares, compared to its average volume of 13,925,167. The stock has a market cap of $22.92 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. KeyCorp has a 1 year low of $16.91 and a 1 year high of $24.07. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.84 and a quick ratio of 0.83. The company has a fifty day moving average price of $20.97 and a 200 day moving average price of $21.54.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.05. KeyCorp had a return on equity of 12.06% and a net margin of 18.56%. The firm had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same quarter in the previous year, the business earned $0.41 earnings per share. The company's revenue was up 8.3% on a year-over-year basis. On average, research analysts expect that KeyCorp will post 1.86 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Nova Scotia grew its stake in shares of KeyCorp by 0.6% in the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider's stock worth $3,268,076,000 after buying an additional 900,951 shares in the last quarter. BlackRock Inc. purchased a new position in KeyCorp in the second quarter worth about $2,039,113,000. State Street Corp grew its position in KeyCorp by 9.0% in the second quarter. State Street Corp now owns 51,368,660 shares of the financial services provider's stock worth $1,184,048,000 after acquiring an additional 4,238,225 shares in the last quarter. Deutsche Bank AG bought a new stake in KeyCorp during the second quarter worth approximately $380,244,000. Finally, North Reef Capital Management LP bought a new stake in KeyCorp during the first quarter worth approximately $253,632,000. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

KEY has been the subject of a number of recent research reports. Evercore reissued an "outperform" rating and set a $24.00 price objective on shares of KeyCorp in a research report on Thursday, October 1st. Stephens restated an "overweight" rating and issued a $26.00 price target on shares of KeyCorp in a research report on Tuesday, September 15th. Robert W. Baird raised their price objective on KeyCorp from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. Wells Fargo & Company lifted their price objective on KeyCorp from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Finally, Weiss Ratings cut KeyCorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.22.

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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