Commerce Bank Trims Position in KeyCorp (NYSE:KEY)

Commerce Bank decreased its holdings in shares of KeyCorp (NYSE:KEY) by 18.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 150,888 shares of the financial services provider’s stock after selling 33,065 shares during the period. Commerce Bank’s holdings in KeyCorp were worth $2,586,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Whittier Trust Co. grew its stake in shares of KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 800 shares during the last quarter. Ethos Financial Group LLC purchased a new position in KeyCorp in the 4th quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new position in KeyCorp in the 4th quarter valued at $34,000. TCTC Holdings LLC raised its position in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after buying an additional 611 shares during the last quarter. Finally, Whipplewood Advisors LLC acquired a new stake in shares of KeyCorp in the 4th quarter worth $45,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.52% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on KEY. Wells Fargo & Company reissued an “overweight” rating on shares of KeyCorp in a report on Thursday. Morgan Stanley reissued an “equal weight” rating on shares of KeyCorp in a report on Thursday. JPMorgan Chase & Co. decreased their price target on KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Royal Bank of Canada reiterated an “outperform” rating on shares of KeyCorp in a research report on Thursday. Finally, Baird R W upgraded shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Eight research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.26.

KeyCorp Stock Down 3.2 %

Shares of NYSE:KEY opened at $13.81 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $15.13 billion, a P/E ratio of -46.03, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The stock’s fifty day simple moving average is $15.68 and its 200-day simple moving average is $17.12.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same period last year, the company earned $0.20 EPS. As a group, equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp declared that its board has approved a stock buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

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.