California Public Employees Retirement System Lowers Holdings in KeyCorp (NYSE:KEY)

California Public Employees Retirement System decreased its stake in shares of KeyCorp (NYSE:KEY) by 7.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,683,324 shares of the financial services provider’s stock after selling 129,349 shares during the quarter. California Public Employees Retirement System’s holdings in KeyCorp were worth $24,240,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in shares of KeyCorp by 8.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 273,010 shares of the financial services provider’s stock worth $3,931,000 after purchasing an additional 21,395 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of KeyCorp by 35.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock worth $4,747,000 after purchasing an additional 86,579 shares during the last quarter. Miller Howard Investments Inc. NY purchased a new position in shares of KeyCorp in the fourth quarter worth $7,200,000. Fifth Third Bancorp raised its stake in shares of KeyCorp by 1.0% in the fourth quarter. Fifth Third Bancorp now owns 237,934 shares of the financial services provider’s stock worth $3,426,000 after purchasing an additional 2,344 shares during the last quarter. Finally, Raymond James & Associates raised its stake in shares of KeyCorp by 44.1% in the fourth quarter. Raymond James & Associates now owns 1,610,148 shares of the financial services provider’s stock worth $23,186,000 after purchasing an additional 492,584 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on KEY. Jefferies Financial Group boosted their price target on KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Keefe, Bruyette & Woods upped their price objective on KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Wedbush reduced their price objective on KeyCorp from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, January 19th. Morgan Stanley upped their price objective on KeyCorp from $12.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Finally, Argus upped their price objective on KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.71.

KeyCorp Stock Performance

NYSE KEY opened at $14.70 on Monday. The firm has a market cap of $13.63 billion, a price-to-earnings ratio of 18.61 and a beta of 1.29. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.72. The business has a 50-day moving average price of $14.76 and a 200-day moving average price of $13.58. KeyCorp has a twelve month low of $8.53 and a twelve month high of $15.86.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.51 billion. KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The business’s revenue was down 10.6% on a year-over-year basis. During the same period last year, the company earned $0.44 EPS. As a group, equities research analysts predict that KeyCorp will post 1.15 EPS for the current fiscal year.

Insider Transactions at KeyCorp

In other news, insider Angela G. Mago sold 3,405 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $14.24, for a total value of $48,487.20. Following the completion of the transaction, the insider now owns 214,630 shares of the company’s stock, valued at $3,056,331.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other KeyCorp news, Director Trina M. Evans sold 12,335 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $14.23, for a total transaction of $175,527.05. Following the completion of the transaction, the director now owns 81,622 shares in the company, valued at approximately $1,161,481.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Angela G. Mago sold 3,405 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $14.24, for a total value of $48,487.20. Following the transaction, the insider now owns 214,630 shares of the company’s stock, valued at approximately $3,056,331.20. The disclosure for this sale can be found here. Insiders sold a total of 21,442 shares of company stock valued at $303,914 over the last 90 days. Company insiders own 0.67% of the company’s stock.

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.