Nordea Investment Management AB Lowers Holdings in KeyCorp (NYSE:KEY)

Nordea Investment Management AB trimmed its holdings in KeyCorp (NYSE:KEY) by 3.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 87,845 shares of the financial services provider’s stock after selling 3,027 shares during the period. Nordea Investment Management AB’s holdings in KeyCorp were worth $1,513,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in KEY. Everence Capital Management Inc. boosted its position in shares of KeyCorp by 25.3% during the fourth quarter. Everence Capital Management Inc. now owns 41,320 shares of the financial services provider’s stock worth $708,000 after buying an additional 8,330 shares during the period. GAMMA Investing LLC boosted its position in shares of KeyCorp by 23.0% during the fourth quarter. GAMMA Investing LLC now owns 30,413 shares of the financial services provider’s stock worth $521,000 after buying an additional 5,687 shares during the period. Versant Capital Management Inc boosted its position in shares of KeyCorp by 44.6% during the fourth quarter. Versant Capital Management Inc now owns 3,587 shares of the financial services provider’s stock worth $61,000 after buying an additional 1,107 shares during the period. Franklin Resources Inc. raised its stake in shares of KeyCorp by 340.0% in the third quarter. Franklin Resources Inc. now owns 413,011 shares of the financial services provider’s stock valued at $7,186,000 after acquiring an additional 319,155 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of KeyCorp in the third quarter valued at $395,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Stock Performance

NYSE KEY opened at $16.72 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $18.25 and its two-hundred day moving average is $16.88. KeyCorp has a 12-month low of $12.94 and a 12-month high of $20.04. The stock has a market capitalization of $16.57 billion, a price-to-earnings ratio of 1,672.00, a PEG ratio of 1.00 and a beta of 1.27.

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

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, December 3rd were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date was Tuesday, December 3rd. KeyCorp’s dividend payout ratio is currently 8,200.00%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. The Goldman Sachs Group increased their price objective on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Citigroup cut KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a research note on Thursday, November 7th. Baird R W cut KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Keefe, Bruyette & Woods increased their price objective on KeyCorp from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Evercore ISI raised their price target on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.44.

Insider Buying and Selling

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

KeyCorp Company 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.