Bank of Montreal Can Trims Stock Position in KeyCorp $KEY

Bank of Montreal Can reduced its stake in shares of KeyCorp (NYSE:KEY) by 12.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,537,904 shares of the financial services provider’s stock after selling 492,775 shares during the quarter. Bank of Montreal Can owned approximately 0.32% of KeyCorp worth $61,630,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in shares of KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock worth $814,756,000 after buying an additional 14,651,281 shares during the period. Vanguard Group Inc. grew its position in shares of KeyCorp by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock worth $2,004,273,000 after buying an additional 8,412,625 shares during the period. Wellington Management Group LLP grew its position in shares of KeyCorp by 1,142.4% in the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider’s stock worth $79,978,000 after buying an additional 4,599,197 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of KeyCorp in the 1st quarter worth about $60,194,000. Finally, Invesco Ltd. grew its position in shares of KeyCorp by 19.5% in the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider’s stock worth $329,777,000 after buying an additional 3,363,421 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at KeyCorp

In other news, insider Andrew J. Paine III sold 44,953 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the transaction, the insider owned 245,044 shares in the company, valued at $4,726,898.76. This represents a 15.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.52% of the stock is owned by company insiders.

KeyCorp Price Performance

KEY opened at $17.31 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $18.98 billion, a P/E ratio of 21.37, a P/E/G ratio of 0.52 and a beta of 1.15. The company’s 50-day simple moving average is $18.37 and its two-hundred day simple moving average is $17.42. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The business’s revenue for the quarter was up 172.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.47) EPS. As a group, analysts predict that KeyCorp will post 1.5 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on KEY shares. TD Cowen upped their target price on shares of KeyCorp from $20.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, October 3rd. UBS Group increased their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of KeyCorp in a research report on Friday, October 31st. Morgan Stanley increased their price objective on shares of KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Finally, Royal Bank Of Canada increased their price objective on shares of KeyCorp from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.75.

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.