Mirae Asset Global Investments Co. Ltd. Grows Stake in KeyCorp $KEY

Mirae Asset Global Investments Co. Ltd. grew its holdings in KeyCorp (NYSE:KEY) by 17.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 167,227 shares of the financial services provider’s stock after acquiring an additional 24,856 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in KeyCorp were worth $3,452,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in KEY. Wellington Management Group LLP increased its holdings in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Capital World Investors increased its holdings in shares of KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after acquiring an additional 13,067,326 shares during the last quarter. Two Sigma Investments LP purchased a new position in shares of KeyCorp in the 3rd quarter valued at about $66,683,000. Victory Capital Management Inc. increased its holdings in shares of KeyCorp by 39.6% in the 3rd quarter. Victory Capital Management Inc. now owns 6,856,534 shares of the financial services provider’s stock valued at $128,149,000 after acquiring an additional 1,945,368 shares during the last quarter. Finally, Barclays PLC grew its stake in KeyCorp by 49.3% during the 3rd quarter. Barclays PLC now owns 5,237,786 shares of the financial services provider’s stock worth $97,894,000 after buying an additional 1,730,046 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insiders Place Their Bets

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the sale, the director directly owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Paine III sold 65,961 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the sale, the insider directly owned 166,583 shares of the company’s stock, valued at $3,869,723.09. The trade was a 28.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 161,506 shares of company stock valued at $3,597,481. 0.56% of the stock is owned by company insiders.

KeyCorp Stock Performance

Shares of KEY stock opened at $22.10 on Wednesday. The stock has a market capitalization of $23.70 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 0.71 and a beta of 1.07. KeyCorp has a 52-week low of $13.90 and a 52-week high of $23.34. The stock’s 50-day moving average price is $20.68 and its 200 day moving average price is $19.97. 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 (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts forecast that KeyCorp will post 1.8 EPS for the current year.

Wall Street Analysts Forecast Growth

KEY has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Evercore restated an “outperform” rating on shares of KeyCorp in a research note on Tuesday. Barclays raised their price target on KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, January 5th. Jefferies Financial Group raised their price target on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, April 17th. Finally, Robert W. Baird raised their price target on KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, April 17th. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.13.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.