Truist Financial Corp decreased its position in shares of KeyCorp (NYSE:KEY – Free Report) by 32.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 440,903 shares of the financial services provider’s stock after selling 209,614 shares during the quarter. Truist Financial Corp’s holdings in KeyCorp were worth $4,074,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Crewe Advisors LLC purchased a new position in shares of KeyCorp during the 1st quarter valued at $25,000. Winch Advisory Services LLC bought a new position in KeyCorp during the 1st quarter worth approximately $34,000. TCI Wealth Advisors Inc. grew its position in shares of KeyCorp by 73.6% in the 1st quarter. TCI Wealth Advisors Inc. now owns 3,004 shares of the financial services provider’s stock worth $38,000 after buying an additional 1,274 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of KeyCorp in the 1st quarter worth approximately $38,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of KeyCorp during the first quarter valued at approximately $40,000. Institutional investors own 77.77% of the company’s stock.
In related news, Director Devina A. Rankin purchased 10,000 shares of KeyCorp stock in a transaction dated Thursday, August 10th. The stock was purchased at an average cost of $11.49 per share, with a total value of $114,900.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $114,900. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.61% of the company’s stock.
KeyCorp Stock Down 2.5 %
KeyCorp (NYSE:KEY – Get Free Report) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.02. The firm had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $1.55 billion. KeyCorp had a return on equity of 11.64% and a net margin of 11.74%. During the same period last year, the company earned $0.55 earnings per share. Sell-side analysts expect that KeyCorp will post 1.23 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on KEY. Wolfe Research upgraded KeyCorp from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 4th. Bank of America decreased their target price on KeyCorp from $13.00 to $12.00 in a research report on Tuesday, October 10th. StockNews.com initiated coverage on KeyCorp in a report on Thursday, October 5th. They issued a “sell” rating on the stock. The Goldman Sachs Group raised their price objective on KeyCorp from $11.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Finally, Piper Sandler upgraded KeyCorp from a “neutral” rating to an “overweight” rating and raised their target price for the company from $12.00 to $13.50 in a research report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.26.
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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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