Morningstar Investment Management LLC Buys 2,894 Shares of KeyCorp $KEY

Morningstar Investment Management LLC lifted its stake in shares of KeyCorp (NYSE:KEY) by 17.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,588 shares of the financial services provider’s stock after acquiring an additional 2,894 shares during the quarter. Morningstar Investment Management LLC’s holdings in KeyCorp were worth $341,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sequoia Financial Advisors LLC grew its stake in shares of KeyCorp by 4.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider’s stock valued at $1,101,000 after acquiring an additional 3,145 shares during the period. Teacher Retirement System of Texas bought a new position in shares of KeyCorp during the 1st quarter valued at approximately $2,171,000. Signal Advisors Wealth LLC bought a new position in shares of KeyCorp during the 2nd quarter valued at approximately $431,000. Gradient Investments LLC bought a new position in shares of KeyCorp during the 2nd quarter valued at approximately $1,973,000. Finally, AQR Capital Management LLC grew its stake in shares of KeyCorp by 5.1% during the 1st quarter. AQR Capital Management LLC now owns 417,667 shares of the financial services provider’s stock valued at $6,495,000 after acquiring an additional 20,429 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

KEY has been the topic of a number of research analyst reports. UBS Group boosted their price target on KeyCorp from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. DA Davidson boosted their price target on KeyCorp from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, July 23rd. Wells Fargo & Company boosted their price target on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, October 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of KeyCorp in a report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods boosted their price target on KeyCorp from $20.50 to $21.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of “Hold” and an average price target of $20.86.

KeyCorp Stock Up 2.7%

Shares of KEY opened at $18.04 on Wednesday. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of -257.64, a price-to-earnings-growth ratio of 0.56 and a beta of 1.15. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The business’s 50 day simple moving average is $18.58 and its 200-day simple moving average is $17.05. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.The company’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 EPS. As a group, equities analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

Insider Transactions at KeyCorp

In other news, insider Andrew J. Paine III sold 44,953 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the transaction, the insider owned 245,044 shares of the company’s stock, valued at approximately $4,726,898.76. The trade was a 15.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Christopher M. Gorman sold 112,149 shares of the business’s stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This represents a 15.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 174,102 shares of company stock valued at $3,299,664 in the last ninety days. Corporate insiders own 0.52% of the company’s stock.

About KeyCorp

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.