Bank of New York Mellon Corp Has $87.76 Million Stake in KeyCorp $KEY

Bank of New York Mellon Corp decreased its position in shares of KeyCorp (NYSE:KEY) by 7.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,037,887 shares of the financial services provider’s stock after selling 411,747 shares during the period. Bank of New York Mellon Corp owned about 0.46% of KeyCorp worth $87,760,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. South Dakota Investment Council bought a new stake in shares of KeyCorp during the second quarter worth $260,000. iA Global Asset Management Inc. acquired a new stake in shares of KeyCorp during the 2nd quarter valued at $1,078,000. Versor Investments LP bought a new stake in KeyCorp during the 2nd quarter worth $476,000. AlphaStar Capital Management LLC bought a new stake in KeyCorp during the 2nd quarter worth $241,000. Finally, REDW Wealth LLC acquired a new position in KeyCorp in the 2nd quarter worth about $175,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Evercore ISI upped their price target on shares of KeyCorp from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Wells Fargo & Company increased their price objective on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, October 3rd. Morgan Stanley raised their target price on KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a research report on Monday, September 29th. UBS Group upped their price target on KeyCorp from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Finally, Jefferies Financial Group decreased their price target on KeyCorp from $20.00 to $18.00 and set a “hold” rating for the company in a research note on Friday, October 17th. Ten research 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $20.75.

KeyCorp Stock Up 2.7%

Shares of NYSE:KEY opened at $18.07 on Friday. The business’s 50 day simple moving average is $18.27 and its two-hundred day simple moving average is $17.48. The firm has a market cap of $19.81 billion, a P/E ratio of 22.30, a PEG ratio of 0.52 and a beta of 1.18. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the firm earned ($0.47) earnings per share. The business’s quarterly revenue was up 172.7% compared to the same quarter last year. As a group, research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Andrew J. Paine III sold 44,953 shares of the business’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the transaction, the insider directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

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.