DAVENPORT & Co LLC Reduces Stake in KeyCorp (NYSE:KEY)

DAVENPORT & Co LLC reduced its holdings in KeyCorp (NYSE:KEY) by 13.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 11,524 shares of the financial services provider’s stock after selling 1,820 shares during the quarter. DAVENPORT & Co LLC’s holdings in KeyCorp were worth $166,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Bruce G. Allen Investments LLC bought a new stake in KeyCorp in the fourth quarter valued at $26,000. Sound Income Strategies LLC lifted its position in shares of KeyCorp by 3,600.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 1,836 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of KeyCorp in the 3rd quarter worth about $28,000. Baldwin Brothers LLC MA bought a new stake in shares of KeyCorp during the 4th quarter valued at about $35,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of KeyCorp during the second quarter valued at about $37,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Down 0.8 %

Shares of KEY opened at $14.72 on Friday. The business’s 50 day moving average is $14.64 and its 200 day moving average is $13.22. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.61. KeyCorp has a 12-month low of $8.53 and a 12-month high of $15.86. The company has a market capitalization of $13.65 billion, a PE ratio of 16.53 and a beta of 1.29.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.02. KeyCorp had a net margin of 8.61% and a return on equity of 10.63%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the business posted $0.38 earnings per share. Research analysts expect that KeyCorp will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 3,405 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the completion of the transaction, the insider now owns 214,630 shares of the company’s stock, valued at approximately $3,056,331.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Angela G. Mago sold 3,405 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $14.24, for a total transaction of $48,487.20. Following the completion of the transaction, the insider now directly owns 214,630 shares of the company’s stock, valued at $3,056,331.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Kenneth C. Gavrity sold 2,376 shares of KeyCorp stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares in the company, valued at approximately $1,376,623.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,442 shares of company stock worth $303,914. Insiders own 0.67% of the company’s stock.

Analyst Upgrades and Downgrades

KEY has been the topic of several research reports. The Goldman Sachs Group lifted their price objective on KeyCorp from $13.50 to $15.00 and gave the company a “buy” rating in a research report on Monday, December 18th. Evercore ISI upped their price target on KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Stephens upgraded KeyCorp from an “equal weight” rating to an “overweight” rating in a report on Wednesday, December 20th. Raymond James assumed coverage on shares of KeyCorp in a report on Monday, January 8th. They set a “market perform” rating on the stock. Finally, Wells Fargo & Company upped their target price on shares of KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.53.

KeyCorp 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.