Convergence Investment Partners LLC Buys New Holdings in KeyCorp (KEY)

Convergence Investment Partners LLC bought a new position in shares of KeyCorp (NYSE:KEY) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 69,330 shares of the financial services provider’s stock, valued at approximately $1,092,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in KEY. JPMorgan Chase & Co. lifted its holdings in shares of KeyCorp by 33.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,176,502 shares of the financial services provider’s stock valued at $719,551,000 after buying an additional 9,086,291 shares during the last quarter. Martingale Asset Management L P acquired a new stake in KeyCorp in the 3rd quarter worth approximately $3,270,000. Nordea Investment Management AB lifted its holdings in KeyCorp by 103.8% in the 3rd quarter. Nordea Investment Management AB now owns 435,487 shares of the financial services provider’s stock worth $8,663,000 after purchasing an additional 221,802 shares during the last quarter. Standard Life Aberdeen plc lifted its holdings in KeyCorp by 6.6% in the 3rd quarter. Standard Life Aberdeen plc now owns 434,637 shares of the financial services provider’s stock worth $8,645,000 after purchasing an additional 27,013 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in KeyCorp by 1.9% in the 3rd quarter. Legal & General Group Plc now owns 4,661,367 shares of the financial services provider’s stock worth $92,714,000 after purchasing an additional 86,298 shares during the last quarter. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently weighed in on KEY shares. ValuEngine upgraded KeyCorp from a “strong sell” rating to a “sell” rating in a report on Thursday, April 18th. Sandler O’Neill upgraded KeyCorp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $16.50 to $19.00 in a report on Friday, January 11th. Argus reduced their target price on KeyCorp from $23.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, January 22nd. Zacks Investment Research lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, February 18th. Finally, BMO Capital Markets lowered KeyCorp from an “outperform” rating to a “market perform” rating and set a $17.00 target price for the company. in a report on Friday, January 18th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $21.92.

Shares of KEY stock opened at $17.68 on Tuesday. KeyCorp has a 12 month low of $13.65 and a 12 month high of $21.91. The company has a market cap of $17.75 billion, a PE ratio of 10.22, a price-to-earnings-growth ratio of 1.25 and a beta of 1.23. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.90 and a quick ratio of 0.89.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.02). The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.60 billion. KeyCorp had a return on equity of 13.16% and a net margin of 24.18%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 earnings per share. Equities analysts anticipate that KeyCorp will post 1.81 earnings per share for the current fiscal year.

In other news, insider Angela G. Mago sold 4,162 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $17.33, for a total transaction of $72,127.46. Following the sale, the insider now directly owns 128,464 shares in the company, valued at $2,226,281.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert A. Deangelis sold 31,166 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $17.37, for a total value of $541,353.42. Following the sale, the insider now owns 196,478 shares in the company, valued at $3,412,822.86. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

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KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.

Further Reading: Moving Average Convergence Divergence (MACD)

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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