Praxis Investment Management Inc. Lowers Holdings in KeyCorp $KEY

Praxis Investment Management Inc. trimmed its position in KeyCorp (NYSE:KEY) by 12.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,140 shares of the financial services provider’s stock after selling 5,180 shares during the quarter. Praxis Investment Management Inc.’s holdings in KeyCorp were worth $630,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in KEY. Sequoia Financial Advisors LLC lifted its stake in shares of KeyCorp by 4.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider’s stock worth $1,101,000 after purchasing an additional 3,145 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of KeyCorp during the 1st quarter worth $2,171,000. Signal Advisors Wealth LLC purchased a new stake in shares of KeyCorp during the 2nd quarter worth $431,000. Gradient Investments LLC purchased a new stake in shares of KeyCorp during the 2nd quarter worth $1,973,000. Finally, AQR Capital Management LLC lifted its stake in shares of KeyCorp by 5.1% during the 1st quarter. AQR Capital Management LLC now owns 417,667 shares of the financial services provider’s stock worth $6,495,000 after purchasing an additional 20,429 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Trina M. Evans sold 17,000 shares of the stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the transaction, the director directly owned 82,719 shares of the company’s stock, valued at approximately $1,544,363.73. This represents a 17.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Paine III sold 44,953 shares of the 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 completion of the transaction, the insider directly owned 245,044 shares in the company, valued at $4,726,898.76. This represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 174,102 shares of company stock valued at $3,299,664. Company insiders own 0.52% of the company’s stock.

KeyCorp Stock Up 1.1%

Shares of KEY stock opened at $16.96 on Friday. The stock’s 50-day simple moving average is $18.56 and its 200-day simple moving average is $17.07. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $18.60 billion, a PE ratio of 20.94, a P/E/G ratio of 0.53 and a beta of 1.15. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

KeyCorp (NYSE:KEY) last announced 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. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The company’s revenue was up 172.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.47) earnings per share. Equities analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on KEY shares. Baird R W cut KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 2nd. Royal Bank Of Canada upped their target price on KeyCorp from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Morgan Stanley upped their target price on KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. JPMorgan Chase & Co. upped their target price on KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a research report on Friday, October 10th. Finally, Keefe, Bruyette & Woods upped their target price on KeyCorp from $20.50 to $21.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Ten equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.86.

About KeyCorp

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.