Palouse Capital Management Inc. Trims Position in KeyCorp (NYSE:KEY)

Palouse Capital Management Inc. lessened its stake in KeyCorp (NYSE:KEY) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 205,113 shares of the financial services provider’s stock after selling 8,903 shares during the period. KeyCorp accounts for about 2.1% of Palouse Capital Management Inc.’s portfolio, making the stock its 16th largest position. Palouse Capital Management Inc.’s holdings in KeyCorp were worth $2,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in KEY. Vanguard Group Inc. increased its position in KeyCorp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 111,201,600 shares of the financial services provider’s stock valued at $2,488,691,000 after purchasing an additional 1,278,193 shares during the period. BlackRock Inc. increased its position in KeyCorp by 10.3% during the 1st quarter. BlackRock Inc. now owns 89,759,881 shares of the financial services provider’s stock valued at $1,123,794,000 after purchasing an additional 8,391,787 shares during the period. State Street Corp increased its position in KeyCorp by 2.6% during the 2nd quarter. State Street Corp now owns 47,193,025 shares of the financial services provider’s stock valued at $436,064,000 after purchasing an additional 1,194,413 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in KeyCorp by 3.2% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 32,342,547 shares of the financial services provider’s stock valued at $348,006,000 after purchasing an additional 993,215 shares during the period. Finally, FMR LLC increased its position in KeyCorp by 14.4% during the 3rd quarter. FMR LLC now owns 31,781,539 shares of the financial services provider’s stock valued at $341,969,000 after purchasing an additional 3,992,226 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

NYSE KEY traded up $0.25 on Friday, hitting $14.63. 16,936,019 shares of the company’s stock traded hands, compared to its average volume of 16,274,800. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.61. KeyCorp has a 1-year low of $8.53 and a 1-year high of $15.86. The firm’s 50-day moving average price is $14.69 and its two-hundred day moving average price is $13.38. The firm has a market capitalization of $13.57 billion, a PE ratio of 16.44 and a beta of 1.29.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 18th. The financial services provider reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.51 billion. KeyCorp had a net margin of 8.61% and a return on equity of 10.63%. KeyCorp’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period last year, the firm earned $0.44 earnings per share. As a group, analysts expect that KeyCorp will post 1.17 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KEY. Piper Sandler lifted their price objective on shares of KeyCorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Evercore ISI lifted their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Royal Bank of Canada lifted their price objective on shares of KeyCorp from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday. Keefe, Bruyette & Woods lifted their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. Finally, Jefferies Financial Group lifted their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average target price of $15.71.

Insider Buying and Selling

In other news, insider Angela G. Mago sold 3,405 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the completion of the sale, the insider now owns 214,630 shares of the company’s stock, valued at $3,056,331.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Douglas M. Schosser sold 3,326 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.00, for a total transaction of $46,564.00. Following the transaction, the chief accounting officer now owns 19,795 shares of the company’s stock, valued at approximately $277,130. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Angela G. Mago sold 3,405 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the transaction, the insider now directly owns 214,630 shares in the company, valued at approximately $3,056,331.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,442 shares of company stock valued at $303,914. 0.61% of the stock is owned by corporate insiders.

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.