Cerity Partners LLC Reduces Holdings in KeyCorp (NYSE:KEY)

Cerity Partners LLC cut its stake in shares of KeyCorp (NYSE:KEY) by 9.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 695,364 shares of the financial services provider’s stock after selling 70,377 shares during the quarter. Cerity Partners LLC’s holdings in KeyCorp were worth $10,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of KEY. Ontario Teachers Pension Plan Board purchased a new stake in KeyCorp during the 3rd quarter valued at about $274,773,000. Wells Fargo & Company MN boosted its holdings in KeyCorp by 324.7% during the 2nd quarter. Wells Fargo & Company MN now owns 14,316,581 shares of the financial services provider’s stock valued at $132,285,000 after acquiring an additional 10,945,274 shares during the period. BlackRock Inc. boosted its holdings in KeyCorp by 10.3% during the 1st quarter. BlackRock Inc. now owns 89,759,881 shares of the financial services provider’s stock valued at $1,123,794,000 after acquiring an additional 8,391,787 shares during the period. Norges Bank purchased a new stake in KeyCorp during the 4th quarter valued at about $134,162,000. Finally, Goldman Sachs Group Inc. boosted its holdings in KeyCorp by 140.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 9,698,780 shares of the financial services provider’s stock valued at $89,617,000 after acquiring an additional 5,659,750 shares during the period. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Down 0.7 %

Shares of NYSE:KEY opened at $14.61 on Monday. KeyCorp has a 12-month low of $8.53 and a 12-month high of $15.86. The stock has a fifty day simple moving average of $14.64 and a two-hundred day simple moving average of $13.29. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $13.55 billion, a price-to-earnings ratio of 16.42 and a beta of 1.29.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.02. KeyCorp had a return on equity of 10.63% and a net margin of 8.61%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. On average, research analysts anticipate that KeyCorp will post 1.17 earnings per share for the current fiscal year.

Insider Transactions at KeyCorp

In other news, insider Kenneth C. Gavrity sold 2,376 shares of the business’s stock in a transaction 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 transaction, the insider now owns 98,120 shares in the company, valued at $1,376,623.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Douglas M. Schosser sold 3,326 shares of KeyCorp stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.00, for a total value of $46,564.00. Following the completion of the sale, the chief accounting officer now owns 19,795 shares of the company’s stock, valued at $277,130. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kenneth C. Gavrity sold 2,376 shares of KeyCorp stock in a transaction 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 of the company’s stock, valued at approximately $1,376,623.60. The disclosure for this sale can be found here. Insiders sold 21,442 shares of company stock worth $303,914 over the last quarter. 0.67% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Piper Sandler increased their price objective on KeyCorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. Raymond James assumed coverage on KeyCorp in a report on Monday, January 8th. They issued a “market perform” rating for the company. Morgan Stanley increased their price objective on KeyCorp from $12.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. The Goldman Sachs Group increased their price objective on KeyCorp from $13.50 to $15.00 and gave the stock a “buy” rating in a report on Monday, December 18th. Finally, Jefferies Financial Group increased their price objective on KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.