Icon Advisers Inc. Co. reduced its stake in shares of KeyCorp (NYSE:KEY) by 3.7% in the third quarter, Holdings Channel reports. The firm owned 564,696 shares of the financial services provider’s stock after selling 21,856 shares during the period. KeyCorp makes up approximately 1.0% of Icon Advisers Inc. Co.’s investment portfolio, making the stock its 28th largest position. Icon Advisers Inc. Co.’s holdings in KeyCorp were worth $11,232,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Suntrust Banks Inc. increased its position in KeyCorp by 23.2% during the 1st quarter. Suntrust Banks Inc. now owns 30,597 shares of the financial services provider’s stock valued at $597,000 after buying an additional 5,770 shares in the last quarter. DnB Asset Management AS increased its position in KeyCorp by 4.1% during the 2nd quarter. DnB Asset Management AS now owns 129,387 shares of the financial services provider’s stock valued at $2,528,000 after buying an additional 5,100 shares in the last quarter. IFM Investors Pty Ltd increased its position in KeyCorp by 34.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 57,477 shares of the financial services provider’s stock valued at $1,123,000 after buying an additional 14,779 shares in the last quarter. CENTRAL TRUST Co increased its position in KeyCorp by 358.3% during the 2nd quarter. CENTRAL TRUST Co now owns 17,595 shares of the financial services provider’s stock valued at $344,000 after buying an additional 13,756 shares in the last quarter. Finally, KAMES CAPITAL plc acquired a new position in KeyCorp during the 2nd quarter valued at about $1,265,000. Hedge funds and other institutional investors own 80.19% of the company’s stock.
In other news, Director Carlton L. Highsmith sold 6,963 shares of the company’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $18.37, for a total value of $127,910.31. Following the sale, the director now owns 68,088 shares in the company, valued at $1,250,776.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edward J. Burke sold 46,360 shares of the company’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $21.32, for a total value of $988,395.20. Following the completion of the sale, the insider now owns 89,128 shares in the company, valued at approximately $1,900,208.96. The disclosure for this sale can be found here. Insiders sold 59,371 shares of company stock worth $1,246,277 in the last 90 days. Company insiders own 0.67% of the company’s stock.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 18th. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. KeyCorp had a return on equity of 12.56% and a net margin of 21.47%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the business earned $0.32 earnings per share. The company’s revenue was up 3.1% compared to the same quarter last year. Research analysts anticipate that KeyCorp will post 1.73 EPS for the current year.
Several brokerages recently issued reports on KEY. ValuEngine lowered KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 14th. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, July 17th. UBS Group set a $23.00 price objective on KeyCorp and gave the company a “buy” rating in a report on Monday, October 22nd. Mizuho increased their price objective on KeyCorp from $25.00 to $25.50 and gave the company an “overweight” rating in a report on Tuesday, July 24th. Finally, Vining Sparks reissued a “buy” rating and issued a $25.00 price objective on shares of KeyCorp in a report on Thursday, July 19th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $23.39.
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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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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