Louisiana State Employees Retirement System Makes New Investment in KeyCorp (NYSE:KEY)

Louisiana State Employees Retirement System bought a new position in shares of KeyCorp (NYSE:KEY) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 56,600 shares of the financial services provider’s stock, valued at approximately $815,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KEY. Bruce G. Allen Investments LLC bought a new position in shares of KeyCorp during the 4th quarter worth about $26,000. Sound Income Strategies LLC increased its holdings in shares of KeyCorp by 3,600.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 1,836 shares during the period. Cary Street Partners Investment Advisory LLC bought a new position in shares of KeyCorp during the 3rd quarter worth about $28,000. Baldwin Brothers LLC MA bought a new position in shares of KeyCorp during the 4th quarter worth about $35,000. Finally, Creative Financial Designs Inc. ADV increased its holdings in shares of KeyCorp by 195.2% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 2,666 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 1,763 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on KEY shares. Keefe, Bruyette & Woods boosted their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Barclays lowered their target price on shares of KeyCorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Friday, January 19th. Jefferies Financial Group upped their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Argus upped their target price on shares of KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, April 19th. Finally, Piper Sandler upped their target price on shares of KeyCorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, January 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.71.

KeyCorp Price Performance

KEY opened at $14.70 on Friday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.87 and a quick ratio of 0.87. The company’s 50 day simple moving average is $14.76 and its 200-day simple moving average is $13.54. KeyCorp has a one year low of $8.53 and a one year high of $15.86. The stock has a market capitalization of $13.63 billion, a P/E ratio of 18.61 and a beta of 1.29.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.51 billion. KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The firm’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period last year, the business posted $0.44 earnings per share. Sell-side analysts anticipate that KeyCorp will post 1.15 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Kenneth C. Gavrity sold 2,376 shares of KeyCorp stock in a transaction on Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares of the company’s stock, valued at approximately $1,376,623.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Kenneth C. Gavrity sold 2,376 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the transaction, the insider now owns 98,120 shares of the company’s stock, valued at approximately $1,376,623.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Angela G. Mago sold 3,405 shares of KeyCorp stock in a transaction on Monday, February 12th. The stock was sold at an average price of $14.24, for a total value of $48,487.20. Following the sale, the insider now directly owns 214,630 shares of the company’s stock, valued at $3,056,331.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,442 shares of company stock valued at $303,914. 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.