Handelsbanken Fonder AB Reduces Stake in KeyCorp (NYSE:KEY)

Handelsbanken Fonder AB lowered its stake in KeyCorp (NYSE:KEY) by 31.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 350,988 shares of the financial services provider’s stock after selling 163,780 shares during the period. Handelsbanken Fonder AB’s holdings in KeyCorp were worth $5,054,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in shares of KeyCorp by 8.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 273,010 shares of the financial services provider’s stock valued at $3,931,000 after acquiring an additional 21,395 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in KeyCorp by 35.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock worth $4,747,000 after buying an additional 86,579 shares in the last quarter. Miller Howard Investments Inc. NY bought a new position in KeyCorp in the fourth quarter worth approximately $7,200,000. Fifth Third Bancorp raised its stake in KeyCorp by 1.0% in the fourth quarter. Fifth Third Bancorp now owns 237,934 shares of the financial services provider’s stock worth $3,426,000 after buying an additional 2,344 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in KeyCorp by 16.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 23,126,760 shares of the financial services provider’s stock worth $248,844,000 after buying an additional 3,216,584 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Wells Fargo & Company lifted their price target on shares of KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Evercore ISI boosted their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Barclays dropped their price objective on shares of KeyCorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Friday, January 19th. Argus boosted their price objective on shares of KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Morgan Stanley boosted their price objective on shares of KeyCorp from $12.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.71.

KeyCorp Trading Down 2.1 %

KEY opened at $14.61 on Friday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.87 and a quick ratio of 0.87. The company’s 50 day simple moving average is $14.75 and its two-hundred day simple moving average is $13.51. KeyCorp has a 1-year low of $8.53 and a 1-year high of $15.86. The firm has a market capitalization of $13.55 billion, a price-to-earnings ratio of 18.49 and a beta of 1.29.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 18th. The financial services provider reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the business earned $0.44 earnings per share. The company’s revenue for the quarter was down 10.6% compared to the same quarter last year. Analysts expect that KeyCorp will post 1.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other KeyCorp news, insider Angela G. Mago sold 3,405 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $14.24, for a total value of $48,487.20. Following the transaction, the insider now directly owns 214,630 shares of the company’s stock, valued at approximately $3,056,331.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Angela G. Mago sold 3,405 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the completion of the sale, the insider now owns 214,630 shares in the company, valued at approximately $3,056,331.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kenneth C. Gavrity sold 2,376 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $14.03, for a total transaction of $33,335.28. Following the sale, the insider now owns 98,120 shares of the company’s stock, valued at approximately $1,376,623.60. The disclosure for this sale can be found here. Insiders have sold 21,442 shares of company stock valued at $303,914 in the last ninety days. 0.61% of the stock is currently owned by corporate insiders.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.