Forum Financial Management LP Buys 5,638 Shares of KeyCorp $KEY

Forum Financial Management LP boosted its stake in shares of KeyCorp (NYSE:KEY) by 20.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,674 shares of the financial services provider’s stock after purchasing an additional 5,638 shares during the quarter. Forum Financial Management LP’s holdings in KeyCorp were worth $569,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ethic Inc. boosted its position in KeyCorp by 15.6% during the second quarter. Ethic Inc. now owns 285,192 shares of the financial services provider’s stock worth $4,911,000 after purchasing an additional 38,472 shares during the period. Brookstone Capital Management boosted its position in KeyCorp by 35.7% during the second quarter. Brookstone Capital Management now owns 15,908 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 4,182 shares during the period. D.A. Davidson & CO. boosted its position in KeyCorp by 54.3% during the second quarter. D.A. Davidson & CO. now owns 61,972 shares of the financial services provider’s stock worth $1,080,000 after purchasing an additional 21,820 shares during the period. DekaBank Deutsche Girozentrale boosted its position in KeyCorp by 0.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 238,031 shares of the financial services provider’s stock worth $4,090,000 after purchasing an additional 1,257 shares during the period. Finally, Sentry Investment Management LLC bought a new position in KeyCorp during the second quarter worth $60,000. 79.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Andrew J. Paine III sold 44,953 shares of the company’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the sale, the insider owned 245,044 shares of the company’s stock, valued at $4,726,898.76. This represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.52% of the stock is owned by corporate insiders.

KeyCorp Trading Up 1.8%

Shares of KeyCorp stock opened at $17.83 on Friday. The firm has a 50-day moving average of $18.52 and a 200-day moving average of $17.19. The stock has a market cap of $19.55 billion, a PE ratio of 22.02, a PEG ratio of 0.53 and a beta of 1.15. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

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

Analyst Ratings Changes

A number of research firms have commented on KEY. Evercore ISI lifted their price objective on shares of KeyCorp from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Citigroup reaffirmed a “neutral” rating and set a $20.00 price objective (up from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Robert W. Baird cut shares of KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Wednesday, July 2nd. Truist Financial reduced their target price on shares of KeyCorp from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Friday, October 17th. Finally, DA Davidson reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, October 17th. 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 stock. According to data from MarketBeat, KeyCorp currently has a consensus rating of “Hold” and an average target price 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.