KeyCorp $KEY Stock: Ninety One UK Ltd Decreases Stake

Ninety One UK Ltd cut its stake in KeyCorp (NYSE:KEY) by 16.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,639,073 shares of the financial services provider’s stock after selling 1,494,413 shares during the period. Ninety One UK Ltd owned about 0.72% of KeyCorp worth $153,316,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. North Reef Capital Management LP bought a new position in shares of KeyCorp during the first quarter valued at approximately $253,632,000. Weiss Asset Management LP purchased a new position in KeyCorp during the first quarter valued at approximately $7,040,000. Bank of Nova Scotia increased its holdings in KeyCorp by 0.6% during the first quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock valued at $3,268,076,000 after buying an additional 900,951 shares during the period. Royal Bank of Canada raised its stake in KeyCorp by 10.0% in the first quarter. Royal Bank of Canada now owns 5,140,288 shares of the financial services provider’s stock worth $103,062,000 after buying an additional 466,273 shares in the last quarter. Finally, BlackRock Inc. bought a new position in KeyCorp in the second quarter worth approximately $2,039,113,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

KEY stock traded up $0.29 during trading on Thursday, reaching $20.08. The company had a trading volume of 12,183,990 shares, compared to its average volume of 13,587,629. The firm has a 50-day simple moving average of $21.38 and a 200-day simple moving average of $21.82. The company has a market cap of $21.42 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 0.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, sell-side analysts expect that KeyCorp will post 1.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. TD Cowen began coverage on KeyCorp in a research note on Thursday, October 8th. They issued a “buy” rating and a $23.00 target price on the stock. Robert W. Baird boosted their target price on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. UBS Group reduced their target price on shares of KeyCorp from $27.00 to $25.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Wells Fargo & Company increased their price target on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.33.

About KeyCorp

KeyCorp (NYSE:KEY) is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, the company provides banking and financial services to individuals, families, businesses, institutions and government entities.

KeyBank’s offerings include consumer and business deposit accounts, residential and commercial lending, mortgage and home equity products, credit cards, payments services, treasury management, wealth management and investment services.