New York Life Investment Management LLC Decreases Stake in KeyCorp (NYSE:KEY)

New York Life Investment Management LLC trimmed its holdings in KeyCorp (NYSE:KEY) by 45.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 133,342 shares of the financial services provider’s stock after selling 111,885 shares during the period. New York Life Investment Management LLC’s holdings in KeyCorp were worth $1,920,000 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 business. Nisa Investment Advisors LLC increased its holdings 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 valued at $3,931,000 after purchasing an additional 21,395 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of KeyCorp by 35.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock valued at $4,747,000 after acquiring an additional 86,579 shares during the last quarter. Miller Howard Investments Inc. NY purchased a new stake in shares of KeyCorp in the fourth quarter valued at about $7,200,000. Fifth Third Bancorp increased its position in KeyCorp by 1.0% during 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 boosted its holdings in KeyCorp by 44.1% in the 4th quarter. Raymond James & Associates now owns 1,610,148 shares of the financial services provider’s stock valued at $23,186,000 after purchasing an additional 492,584 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Stock Up 1.3 %

Shares of NYSE:KEY opened at $15.13 on Tuesday. 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 company has a market cap of $14.27 billion, a price-to-earnings ratio of 19.15 and a beta of 1.28. KeyCorp has a fifty-two week low of $8.73 and a fifty-two week high of $15.86. The firm’s 50-day simple moving average is $14.84 and its 200-day simple moving average is $13.76.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results 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). KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the firm earned $0.44 earnings per share. The firm’s quarterly revenue was down 10.6% compared to the same quarter last year. As a group, equities research analysts predict that KeyCorp will post 1.15 earnings per share for the current year.

Insider Activity

In other KeyCorp news, Director Trina M. Evans sold 12,335 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $14.23, for a total transaction of $175,527.05. Following the transaction, the director now directly owns 81,622 shares in the company, valued at $1,161,481.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Trina M. Evans sold 12,335 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $14.23, for a total value of $175,527.05. Following the completion of the transaction, the director now owns 81,622 shares in the company, valued at $1,161,481.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kenneth C. Gavrity sold 2,376 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.03, for a total transaction of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares in the company, valued at $1,376,623.60. The disclosure for this sale can be found here. Insiders sold 21,442 shares of company stock worth $303,914 in the last 90 days. 0.67% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of KeyCorp from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Wedbush decreased their price target on KeyCorp from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, January 19th. Evercore ISI raised their price objective on KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Raymond James assumed coverage on shares of KeyCorp in a report on Monday, January 8th. They issued a “market perform” rating on the stock. Finally, Royal Bank of Canada upped their price target on KeyCorp from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.71.

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.