Primecap Management Co. CA Sells 619,000 Shares of KeyCorp (NYSE:KEY)

Primecap Management Co. CA lowered its holdings in shares of KeyCorp (NYSE:KEY) by 26.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,709,500 shares of the financial services provider’s stock after selling 619,000 shares during the quarter. Primecap Management Co. CA’s holdings in KeyCorp were worth $28,634,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in KEY. Assenagon Asset Management S.A. grew its position in KeyCorp by 87.5% in the second quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock worth $18,598,000 after acquiring an additional 610,688 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of KeyCorp by 14.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 657,913 shares of the financial services provider’s stock valued at $10,928,000 after purchasing an additional 85,052 shares during the last quarter. MBB Public Markets I LLC bought a new position in shares of KeyCorp during the 2nd quarter valued at approximately $981,000. Cetera Investment Advisers lifted its position in KeyCorp by 274.4% in the first quarter. Cetera Investment Advisers now owns 332,140 shares of the financial services provider’s stock worth $5,251,000 after buying an additional 243,437 shares during the last quarter. Finally, Gateway Investment Advisers LLC boosted its stake in KeyCorp by 92.6% during the second quarter. Gateway Investment Advisers LLC now owns 302,681 shares of the financial services provider’s stock worth $4,301,000 after buying an additional 145,555 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on KEY. The Goldman Sachs Group set a $19.00 target price on shares of KeyCorp in a research note on Thursday, October 17th. Wells Fargo & Company raised their price objective on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada boosted their target price on KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Citigroup downgraded KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price target on the stock. in a report on Thursday, November 7th. Finally, DA Davidson boosted their price objective on KeyCorp from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, October 21st. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.03.

KeyCorp Stock Up 1.2 %

Shares of KeyCorp stock opened at $19.25 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $19.08 billion, a price-to-earnings ratio of 1,925.00, a PEG ratio of 1.05 and a beta of 1.24. The firm’s 50-day moving average is $17.48 and its two-hundred day moving average is $15.92. KeyCorp has a 1 year low of $11.64 and a 1 year high of $20.00.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. As a group, research analysts expect that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.26%. KeyCorp’s dividend payout ratio is presently 8,200.00%.

Insider Transactions at KeyCorp

In related news, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the completion of the transaction, the director now owns 37,864 shares in the company, valued at $648,988.96. The trade was a 19.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Angela G. Mago sold 15,011 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total transaction of $294,065.49. Following the sale, the insider now directly owns 234,582 shares of the company’s stock, valued at $4,595,461.38. The trade was a 6.01 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

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.