Handelsbanken Fonder AB Trims Stock Holdings in KeyCorp $KEY

Handelsbanken Fonder AB decreased its holdings in shares of KeyCorp (NYSE:KEY) by 48.4% during the third quarter, HoldingsChannel reports. The fund owned 50,529 shares of the financial services provider’s stock after selling 47,375 shares during the quarter. Handelsbanken Fonder AB’s holdings in KeyCorp were worth $944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. United Community Bank bought a new stake in shares of KeyCorp during the 3rd quarter valued at $27,000. Sachetta LLC grew its holdings in KeyCorp by 1,246.1% during the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after buying an additional 1,595 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in shares of KeyCorp during the second quarter valued at about $36,000. Root Financial Partners LLC purchased a new stake in shares of KeyCorp in the third quarter worth about $37,000. Finally, Capital A Wealth Management LLC lifted its holdings in shares of KeyCorp by 252.8% in the second quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider’s stock worth $39,000 after buying an additional 1,603 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Andrew J. Paine III sold 65,961 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the completion of the sale, the insider directly owned 166,583 shares in the company, valued at approximately $3,869,723.09. The trade was a 28.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Trina M. Evans sold 32,695 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the sale, the director directly owned 58,719 shares of the company’s stock, valued at $1,276,551.06. This trade represents a 35.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 161,506 shares of company stock valued at $3,597,481. 0.52% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently commented on KEY. Keefe, Bruyette & Woods boosted their price objective on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. DA Davidson set a $25.00 price target on shares of KeyCorp in a research report on Wednesday, January 21st. TD Cowen reaffirmed a “buy” rating on shares of KeyCorp in a report on Wednesday, January 7th. Evercore lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Finally, Argus boosted their target price on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.03.

KeyCorp Stock Down 1.6%

KEY opened at $20.37 on Friday. The business’s fifty day simple moving average is $21.47 and its 200 day simple moving average is $19.63. KeyCorp has a 52 week low of $12.73 and a 52 week high of $23.34. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a market cap of $22.20 billion, a PE ratio of 13.40, a P/E/G ratio of 0.62 and a beta of 1.08.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The company’s revenue for the quarter was up 131.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.30 EPS. As a group, research analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is presently 53.95%.

KeyCorp Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.