Principal Financial Group Inc. Trims Stake in KeyCorp (NYSE:KEY)

Principal Financial Group Inc. lessened its position in shares of KeyCorp (NYSE:KEY) by 0.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,080,814 shares of the financial services provider’s stock after selling 6,906 shares during the quarter. Principal Financial Group Inc.’s holdings in KeyCorp were worth $18,104,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in KEY. Pathway Financial Advisers LLC acquired a new position in shares of KeyCorp in the 1st quarter valued at $25,000. Wolff Wiese Magana LLC grew its position 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 purchasing an additional 1,142 shares during the last quarter. American Capital Advisory LLC acquired a new position in KeyCorp in the third quarter valued at $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 acquired a new stake in shares of KeyCorp during the third quarter worth about $35,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wedbush upped their price objective on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. DA Davidson increased their price target on KeyCorp from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Robert W. Baird cut shares of KeyCorp from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $18.00 to $17.00 in a research note on Monday, October 14th. Morgan Stanley upped their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. Finally, Evercore ISI lifted their target price on shares of KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $17.79.

KeyCorp Stock Performance

Shares of KEY stock opened at $19.13 on Friday. The stock has a fifty day moving average price of $17.11 and a 200 day moving average price of $15.74. 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 stock has a market cap of $18.96 billion, a PE ratio of 1,913.00, a P/E/G ratio of 1.06 and a beta of 1.24. KeyCorp has a 1 year low of $11.64 and a 1 year high of $20.00.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.03. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.59 billion. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%. Sell-side analysts forecast that KeyCorp will post 1.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Angela G. Mago sold 15,011 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total value of $294,065.49. Following the completion of the transaction, the insider now directly owns 234,582 shares of the company’s stock, valued at $4,595,461.38. The trade was a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Carlton L. Highsmith sold 9,000 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the sale, 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. 0.61% of the stock is currently owned by company insiders.

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.