1ST Source Bank Lowers Stock Holdings in KeyCorp $KEY

1ST Source Bank lessened its stake in KeyCorp (NYSE:KEY) by 28.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,279 shares of the financial services provider’s stock after selling 7,784 shares during the period. 1ST Source Bank’s holdings in KeyCorp were worth $336,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KEY. Nordea Investment Management AB grew its position in KeyCorp by 23.2% in the 2nd quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock valued at $1,867,000 after buying an additional 20,228 shares during the last quarter. Signal Advisors Wealth LLC acquired a new stake in shares of KeyCorp in the 2nd quarter worth $431,000. Gradient Investments LLC purchased a new stake in shares of KeyCorp in the second quarter valued at about $1,973,000. AQR Capital Management LLC boosted its holdings in shares of KeyCorp by 5.1% in the first quarter. AQR Capital Management LLC now owns 417,667 shares of the financial services provider’s stock valued at $6,495,000 after acquiring an additional 20,429 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of KeyCorp by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,356,598 shares of the financial services provider’s stock worth $117,632,000 after acquiring an additional 172,151 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Andrew J. Paine III sold 44,953 shares of the firm’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the transaction, the insider directly owned 245,044 shares of the company’s stock, valued at $4,726,898.76. This trade represents a 15.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. UBS Group raised their price objective on shares of KeyCorp from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. JPMorgan Chase & Co. raised their price target on KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a report on Friday, October 10th. Royal Bank Of Canada lifted their price target on KeyCorp from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of KeyCorp in a report on Friday, October 31st. Finally, Wells Fargo & Company increased their price objective on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, October 3rd. Ten research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, KeyCorp currently has an average rating of “Hold” and a consensus price target of $20.75.

KeyCorp Stock Performance

NYSE KEY opened at $18.07 on Monday. The business has a 50 day moving average price of $18.27 and a 200 day moving average price of $17.50. The company has a market capitalization of $19.74 billion, a P/E ratio of 22.30, a PEG ratio of 0.52 and a beta of 1.18. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83.

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

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.