Victory Capital Management Inc. Acquires 2,790,192 Shares of KeyCorp (NYSE:KEY)

Victory Capital Management Inc. raised its holdings in KeyCorp (NYSE:KEY) by 279.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,788,173 shares of the financial services provider’s stock after buying an additional 2,790,192 shares during the period. Victory Capital Management Inc. owned about 0.40% of KeyCorp worth $63,452,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Pathway Financial Advisers LLC bought a new stake in KeyCorp during the first quarter worth $25,000. Wolff Wiese Magana LLC boosted its holdings in KeyCorp by 285.5% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,542 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 1,142 shares during the last quarter. American Capital Advisory LLC bought a new stake in shares of KeyCorp in the 3rd quarter worth $28,000. Crewe Advisors LLC purchased a new stake in shares of KeyCorp in the first quarter valued at about $32,000. Finally, Catalyst Capital Advisors LLC bought a new position in shares of KeyCorp during the third quarter valued at about $35,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Stock Up 0.4 %

Shares of NYSE KEY opened at $19.13 on Friday. The stock has a market capitalization of $18.96 billion, a P/E ratio of 1,913.00, a PEG ratio of 1.06 and a beta of 1.24. KeyCorp has a one year low of $11.64 and a one year high of $20.00. The firm’s 50 day simple moving average is $17.11 and its two-hundred day simple moving average is $15.74. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88.

KeyCorp (NYSE:KEY) last announced 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 company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. As a group, analysts expect that KeyCorp will post 1.08 EPS for the current fiscal year.

Analyst Ratings Changes

KEY has been the subject of several analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $18.00 price objective on shares of KeyCorp in a research note on Tuesday, September 10th. The Goldman Sachs Group set a $19.00 price target on KeyCorp in a research report on Thursday, October 17th. Jefferies Financial Group boosted their price objective on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Citigroup lowered KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 target price for the company. in a research report on Thursday, November 7th. Finally, Evercore ISI boosted their price target on shares of KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.79.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 15,011 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 234,582 shares in the company, valued at $4,595,461.38. This represents a 6.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Carlton L. Highsmith sold 9,000 shares of the firm’s 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 completion of the sale, the director now directly owns 37,864 shares in the company, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their position. The disclosure for this sale can be found here. Company 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.