State of Tennessee Treasury Department Sells 123,709 Shares of KeyCorp (KEY)
State of Tennessee Treasury Department decreased its holdings in KeyCorp (NYSE:KEY) by 29.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 295,907 shares of the financial services provider’s stock after selling 123,709 shares during the quarter. State of Tennessee Treasury Department’s holdings in KeyCorp were worth $5,569,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Cypress Capital Management LLC WY lifted its position in KeyCorp by 177.9% in the 2nd quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 4,500 shares in the last quarter. Sun Life Financial INC lifted its position in KeyCorp by 80,370.0% in the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 8,037 shares in the last quarter. Quantbot Technologies LP bought a new position in KeyCorp in the 2nd quarter valued at about $174,000. Equity Investment Corp Acquisition Inc lifted its position in KeyCorp by 3.9% in the 2nd quarter. Equity Investment Corp Acquisition Inc now owns 10,465 shares of the financial services provider’s stock valued at $196,000 after acquiring an additional 390 shares in the last quarter. Finally, Courier Capital LLC bought a new position in KeyCorp in the 2nd quarter valued at about $213,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of KeyCorp (NYSE:KEY) opened at $17.92 on Tuesday. KeyCorp has a fifty-two week low of $16.28 and a fifty-two week high of $19.53. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.06. The stock has a market cap of $18,970.05, a price-to-earnings ratio of 13.36, a PEG ratio of 1.60 and a beta of 1.10.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting analysts’ consensus estimates of $0.35. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The firm’s revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. research analysts predict that KeyCorp will post 1.38 earnings per share for the current fiscal year.
Several equities research analysts have commented on KEY shares. Sanford C. Bernstein reiterated an “outperform” rating and issued a $22.00 price objective on shares of KeyCorp in a research note on Wednesday, September 27th. BMO Capital Markets reiterated a “buy” rating and issued a $22.00 price objective on shares of KeyCorp in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a research note on Friday, October 20th. Zacks Investment Research lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Monday, October 30th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research note on Friday, July 28th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $20.82.
In related news, insider Andrew J. Paine III sold 46,854 shares of KeyCorp stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total value of $869,610.24. Following the transaction, the insider now owns 110,052 shares in the company, valued at approximately $2,042,565.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carlton L. Highsmith sold 7,600 shares of KeyCorp stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $18.39, for a total transaction of $139,764.00. Following the completion of the transaction, the director now owns 68,725 shares in the company, valued at approximately $1,263,852.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,212 shares of company stock worth $1,060,508. 0.65% of the stock is owned by corporate insiders.
KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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