Bank of New York Mellon Corp Lowers Stock Position in KeyCorp $KEY

Bank of New York Mellon Corp reduced its stake in shares of KeyCorp (NYSE:KEY) by 7.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 5,037,887 shares of the financial services provider’s stock after selling 411,747 shares during the period. Bank of New York Mellon Corp’s holdings in KeyCorp were worth $87,760,000 as of its most recent SEC filing.

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

KeyCorp Trading Up 2.7%

NYSE:KEY opened at $18.07 on Friday. The firm has a market capitalization of $19.81 billion, a P/E ratio of 22.30, a PEG ratio of 0.52 and a beta of 1.18. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The company’s 50-day simple moving average is $18.27 and its 200 day simple moving average is $17.48.

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

Insiders Place Their Bets

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 shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the transaction, the insider directly owned 245,044 shares of the company’s stock, valued at $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.52% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on KEY shares. UBS Group increased their target price on KeyCorp from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Royal Bank Of Canada increased their price objective on KeyCorp from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Wells Fargo & Company lifted their target price on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, October 3rd. DA Davidson lowered their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, October 17th. Finally, Morgan Stanley increased their price target 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. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.75.

KeyCorp Company Profile

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.