Convergence Investment Partners LLC Acquires New Holdings in KeyCorp (NYSE:KEY)

Convergence Investment Partners LLC purchased a new position in KeyCorp (NYSE:KEY) during the 4th quarter, HoldingsChannel reports. The firm purchased 13,259 shares of the financial services provider’s stock, valued at approximately $191,000.

Other institutional investors also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC bought a new position in KeyCorp in the 4th quarter worth approximately $26,000. Sound Income Strategies LLC increased its position in shares of KeyCorp by 3,600.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,836 shares during the period. Cary Street Partners Investment Advisory LLC bought a new stake in shares of KeyCorp during the third quarter valued at approximately $28,000. Baldwin Brothers LLC MA bought a new stake in KeyCorp in the fourth quarter valued at $35,000. Finally, Creative Financial Designs Inc. ADV grew its position in KeyCorp by 195.2% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,666 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 1,763 shares during the period. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $14.70 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.72. KeyCorp has a 12 month low of $8.53 and a 12 month high of $15.86. The stock has a 50 day moving average of $14.76 and a 200-day moving average of $13.58. The company has a market capitalization of $13.63 billion, a P/E ratio of 18.61 and a beta of 1.29.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The business’s revenue was down 10.6% compared to the same quarter last year. As a group, equities research analysts predict that KeyCorp will post 1.15 EPS for the current year.

Insider Buying and Selling

In related news, Director Trina M. Evans sold 12,335 shares of KeyCorp stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $14.23, for a total transaction of $175,527.05. Following the completion of the sale, the director now directly owns 81,622 shares of the company’s stock, valued at approximately $1,161,481.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other KeyCorp news, Director Trina M. Evans sold 12,335 shares of KeyCorp stock in a transaction on Monday, February 12th. The stock was sold at an average price of $14.23, for a total value of $175,527.05. Following the completion of the transaction, the director now directly owns 81,622 shares of the company’s stock, valued at approximately $1,161,481.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Douglas M. Schosser sold 3,326 shares of KeyCorp stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.00, for a total value of $46,564.00. Following the completion of the transaction, the chief accounting officer now directly owns 19,795 shares of the company’s stock, valued at $277,130. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,442 shares of company stock valued at $303,914. Insiders own 0.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on KEY. JPMorgan Chase & Co. upped their price target on KeyCorp from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Barclays decreased their price target on KeyCorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Friday, January 19th. Raymond James initiated coverage on KeyCorp in a report on Monday, January 8th. They issued a “market perform” rating on the stock. Morgan Stanley raised their price target on KeyCorp from $12.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Finally, Evercore ISI raised their price target on KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus price target of $15.71.

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.