Generali Asset Management SPA SGR Sells 28,282 Shares of KeyCorp $KEY

Generali Asset Management SPA SGR lessened its stake in KeyCorp (NYSE:KEY) by 76.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 8,758 shares of the financial services provider’s stock after selling 28,282 shares during the period. Generali Asset Management SPA SGR’s holdings in KeyCorp were worth $176,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. North Reef Capital Management LP acquired a new position in KeyCorp in the first quarter valued at approximately $253,632,000. Commerce Bank purchased a new stake in KeyCorp in the 2nd quarter worth approximately $2,657,000. Weiss Asset Management LP purchased a new stake in KeyCorp in the 1st quarter worth approximately $7,040,000. Bank of Nova Scotia boosted its position in KeyCorp by 0.6% in the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock worth $3,268,076,000 after purchasing an additional 900,951 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of KeyCorp by 10.0% during the 1st quarter. Royal Bank of Canada now owns 5,140,288 shares of the financial services provider’s stock worth $103,062,000 after purchasing an additional 466,273 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

KEY has been the subject of several recent research reports. Jefferies Financial Group cut their target price on shares of KeyCorp from $24.00 to $22.00 and set a “hold” rating for the company in a report on Thursday, September 24th. TD Cowen assumed coverage on shares of KeyCorp in a report on Thursday, October 8th. They set a “buy” rating and a $23.00 price target on the stock. Evercore reissued an “outperform” rating and set a $24.00 price target on shares of KeyCorp in a report on Thursday, October 1st. Robert W. Baird raised their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Wall Street Zen raised shares of KeyCorp from a “sell” rating to a “hold” rating in a report on Sunday, October 25th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus target price of $46.25.

KeyCorp Stock Performance

NYSE KEY opened at $21.11 on Friday. The stock has a market capitalization of $22.53 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.76 and a beta of 1.08. KeyCorp has a twelve month low of $16.91 and a twelve month high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.72. The stock has a 50-day moving average of $20.94 and a 200 day moving average of $21.54.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. KeyCorp had a return on equity of 12.06% and a net margin of 18.56%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the business posted $0.41 earnings per share. KeyCorp’s revenue for the quarter was up 8.3% on a year-over-year basis. Sell-side analysts anticipate that KeyCorp will post 1.88 EPS for the current fiscal year.

Insider Buying and Selling at KeyCorp

In other news, insider Andrew Paine, III sold 39,130 shares of the company’s stock in a transaction that occurred on Wednesday, October 28th. The stock was sold at an average price of $21.20, for a total transaction of $829,556.00. Following the completion of the transaction, the insider directly owned 191,571 shares of the company’s stock, valued at $4,061,305.20. This represents a 16.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.56% of the stock is currently owned by insiders.

KeyCorp Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, it provides retail and commercial banking services to individuals, businesses, institutional clients and government entities.

KeyBank’s offerings include checking and savings accounts, consumer lending, mortgages, home equity financing, credit cards, business loans, treasury management and payment services. The company also provides investment banking and capital markets services through KeyBanc Capital Markets, as well as wealth management, investment management and personal financial planning services.

KeyCorp traces its history to 1825, when the institution that became KeyBank was established in Albany, New York.