Cherokee Insurance Co Takes Position in KeyCorp $KEY

Cherokee Insurance Co purchased a new position in KeyCorp (NYSE:KEY) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,000 shares of the financial services provider’s stock, valued at approximately $226,000.

Several other hedge funds have also recently bought and sold shares of KEY. Vanguard Group Inc. raised its holdings in KeyCorp by 7.2% during the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock worth $2,004,273,000 after purchasing an additional 8,412,625 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of KeyCorp by 40.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock valued at $814,756,000 after buying an additional 14,651,281 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of KeyCorp by 12.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 30,511,720 shares of the financial services provider’s stock valued at $487,882,000 after buying an additional 3,327,972 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of KeyCorp by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock worth $428,084,000 after buying an additional 359,573 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of KeyCorp by 19.5% in the 1st quarter. Invesco Ltd. now owns 20,623,929 shares of the financial services provider’s stock worth $329,777,000 after buying an additional 3,363,421 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Andrew J. Paine III sold 44,953 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the sale, the insider owned 245,044 shares in the company, valued at $4,726,898.76. This trade represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.52% of the stock is owned by company insiders.

Analyst Ratings Changes

KEY has been the subject of several recent research reports. TD Cowen raised their target price on shares of KeyCorp from $20.00 to $21.00 and gave the company a “hold” rating in a report on Friday, October 3rd. Truist Financial lowered their price target on shares of KeyCorp from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Friday, October 17th. JPMorgan Chase & Co. raised their price objective on shares of KeyCorp from $19.00 to $19.50 and gave the stock a “neutral” rating in a research note on Friday, October 10th. 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 note on Friday, October 10th. Finally, Morgan Stanley increased their target price on KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.75.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $17.62 on Friday. The company has a 50-day simple moving average of $18.17 and a 200-day simple moving average of $17.55. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $19.25 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 0.52 and a beta of 1.18. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

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

KeyCorp 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.