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

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ontario Teachers Pension Plan Board increased its position in KeyCorp by 8.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock valued at $342,924,000 after purchasing an additional 1,748,633 shares during the period. Diamond Hill Capital Management Inc. increased its position in shares of KeyCorp by 12.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock valued at $288,403,000 after buying an additional 2,213,872 shares during the period. Earnest Partners LLC increased its position in shares of KeyCorp by 23.2% during the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock valued at $176,631,000 after buying an additional 2,339,454 shares during the period. Dimensional Fund Advisors LP raised its stake in KeyCorp by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock worth $149,299,000 after buying an additional 300,339 shares in the last quarter. Finally, Ceredex Value Advisors LLC lifted its holdings in KeyCorp by 112.4% in the second quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock worth $94,459,000 after buying an additional 3,517,755 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $19.13 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $18.96 billion, a price-to-earnings ratio of 1,913.00, a price-to-earnings-growth ratio of 1.06 and a beta of 1.24. The business has a 50-day simple moving average of $17.11 and a two-hundred day simple moving average of $15.74. KeyCorp has a fifty-two week low of $11.64 and a fifty-two week high of $20.00.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.03. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. On average, analysts expect that KeyCorp will post 1.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KEY. Royal Bank of Canada upped their target price on KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Jefferies Financial Group increased their price objective on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 19th. The Goldman Sachs Group set a $19.00 target price on shares of KeyCorp in a report on Thursday, October 17th. Baird R W lowered shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Finally, Citigroup lowered shares of 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. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $17.79.

Insider Activity

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