Boston Partners Sells 12,663,365 Shares of KeyCorp (KEY)

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Boston Partners lessened its position in KeyCorp (NYSE:KEY) by 30.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,580,685 shares of the financial services provider’s stock after selling 12,663,365 shares during the period. Boston Partners’ holdings in KeyCorp were worth $450,145,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of KEY. JPMorgan Chase & Co. boosted its holdings in KeyCorp by 33.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 36,176,502 shares of the financial services provider’s stock valued at $719,551,000 after acquiring an additional 9,086,291 shares during the period. Martingale Asset Management L P purchased a new stake in KeyCorp during the 3rd quarter valued at about $3,270,000. Nordea Investment Management AB boosted its holdings in KeyCorp by 103.8% during the 3rd quarter. Nordea Investment Management AB now owns 435,487 shares of the financial services provider’s stock valued at $8,663,000 after acquiring an additional 221,802 shares during the period. Standard Life Aberdeen plc boosted its holdings in KeyCorp by 6.6% during the 3rd quarter. Standard Life Aberdeen plc now owns 434,637 shares of the financial services provider’s stock valued at $8,645,000 after acquiring an additional 27,013 shares during the period. Finally, Legal & General Group Plc boosted its holdings in KeyCorp by 1.9% during the 3rd quarter. Legal & General Group Plc now owns 4,661,367 shares of the financial services provider’s stock valued at $92,714,000 after acquiring an additional 86,298 shares during the period. 82.78% of the stock is owned by institutional investors and hedge funds.

In other news, insider Robert A. Deangelis sold 31,166 shares of the stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $17.37, for a total value of $541,353.42. Following the completion of the transaction, the insider now owns 196,478 shares of the company’s stock, valued at approximately $3,412,822.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Angela G. Mago sold 4,162 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $17.33, for a total value of $72,127.46. Following the completion of the transaction, the insider now directly owns 128,464 shares of the company’s stock, valued at approximately $2,226,281.12. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

KEY has been the subject of a number of recent analyst reports. ValuEngine lowered KeyCorp from a “sell” rating to a “strong sell” rating in a research report on Friday, March 22nd. CIBC reaffirmed an “average” rating on shares of KeyCorp in a research report on Monday, February 4th. Scotiabank reaffirmed a “buy” rating and set a $36.00 price target on shares of KeyCorp in a research report on Friday, February 22nd. Wedbush lowered KeyCorp from an “outperform” rating to a “neutral” rating and set a $16.63 price target for the company. in a research report on Monday, February 4th. They noted that the move was a valuation call. Finally, Sandler O’Neill raised KeyCorp from a “hold” rating to a “buy” rating and upped their price target for the company from $16.50 to $19.00 in a research report on Friday, January 11th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the stock. KeyCorp presently has a consensus rating of “Hold” and a consensus target price of $21.92.

Shares of NYSE:KEY opened at $17.18 on Thursday. KeyCorp has a 52-week low of $13.65 and a 52-week high of $21.91. The company has a market capitalization of $17.75 billion, a PE ratio of 9.93, a PEG ratio of 1.25 and a beta of 1.23. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.90 and a quick ratio of 0.89.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 18th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.02). KeyCorp had a return on equity of 13.16% and a net margin of 24.18%. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period in the prior year, the company posted $0.38 EPS. The firm’s revenue was down 2.1% on a year-over-year basis. Equities research analysts forecast that KeyCorp will post 1.81 EPS for the current year.

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About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.

Further Reading: Asset Allocation, Balancing Your Investments

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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