Brookstone Capital Management Has $11.28 Million Position in KeyCorp $KEY

Brookstone Capital Management cut its holdings in KeyCorp (NYSE:KEY) by 8.1% during the first quarter, Holdings Channel.com reports. The fund owned 562,625 shares of the financial services provider’s stock after selling 49,708 shares during the period. Brookstone Capital Management’s holdings in KeyCorp were worth $11,281,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of KeyCorp by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after purchasing an additional 1,192,323 shares during the period. Wellington Management Group LLP increased its holdings in KeyCorp by 90.2% in the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC lifted its stake in KeyCorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock valued at $493,048,000 after buying an additional 115,968 shares during the period. Capital World Investors lifted its stake in KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock valued at $434,007,000 after buying an additional 238,514 shares during the period. Finally, Invesco Ltd. boosted its holdings in KeyCorp by 4.7% during the fourth quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock worth $424,507,000 after buying an additional 916,732 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on KEY. JPMorgan Chase & Co. decreased their target price on KeyCorp from $24.50 to $22.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Jefferies Financial Group increased their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, April 17th. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Stephens assumed coverage on shares of KeyCorp in a report on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective for the company. Finally, Royal Bank Of Canada upped their target price on shares of KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, April 17th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and an average target price of $44.13.

Insider Activity

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.56% of the company’s stock.

KeyCorp Stock Performance

KEY stock opened at $22.84 on Tuesday. KeyCorp has a 1-year low of $16.01 and a 1-year high of $23.34. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a market cap of $24.76 billion, a PE ratio of 14.01, a P/E/G ratio of 0.71 and a beta of 1.03. The business’s 50-day moving average price is $21.75 and its two-hundred day moving average price is $21.16.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 earnings per share. As a group, research analysts forecast that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a $0.205 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. KeyCorp’s payout ratio is currently 50.31%.

KeyCorp declared that its board has authorized a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.