Allspring Global Investments Holdings LLC Purchases 1,499 Shares of KeyCorp $KEY

Allspring Global Investments Holdings LLC raised its position in KeyCorp (NYSE:KEY) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,986 shares of the financial services provider’s stock after purchasing an additional 1,499 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in KeyCorp were worth $858,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Sequoia Financial Advisors LLC raised its position in shares of KeyCorp by 4.8% during the first quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider’s stock worth $1,101,000 after acquiring an additional 3,145 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of KeyCorp during the first quarter worth about $2,171,000. Signal Advisors Wealth LLC bought a new position in shares of KeyCorp during the second quarter worth about $431,000. Gradient Investments LLC bought a new position in shares of KeyCorp during the second quarter worth about $1,973,000. Finally, AQR Capital Management LLC raised its position in shares of KeyCorp by 5.1% during the first quarter. AQR Capital Management LLC now owns 417,667 shares of the financial services provider’s stock worth $6,495,000 after acquiring an additional 20,429 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Stock Down 0.3%

Shares of NYSE:KEY opened at $17.49 on Thursday. The stock has a market cap of $19.18 billion, a price-to-earnings ratio of 21.59, a PEG ratio of 0.53 and a beta of 1.15. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The business’s 50 day moving average is $18.54 and its 200 day moving average is $17.13.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.03. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.KeyCorp’s quarterly revenue was up 172.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.47) earnings per share. On average, sell-side analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other KeyCorp news, insider Andrew J. Paine III sold 44,953 shares of the business’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total value of $867,143.37. Following the transaction, the insider owned 245,044 shares of the company’s stock, valued at approximately $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on KEY shares. Truist Financial lowered their price objective on KeyCorp from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Friday, October 17th. Citigroup reiterated a “neutral” rating and issued a $20.00 target price (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Keefe, Bruyette & Woods lifted their target price on KeyCorp from $20.50 to $21.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Robert W. Baird downgraded KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group lowered their target price on KeyCorp from $20.00 to $18.00 and set a “hold” rating for the company in a report on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.75.

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.