Cornerstone Wealth Management LLC Purchases Shares of 14,566 KeyCorp (NYSE:KEY)

Cornerstone Wealth Management LLC purchased a new stake in shares of KeyCorp (NYSE:KEYFree Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 14,566 shares of the financial services provider’s stock, valued at approximately $233,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Whittier Trust Co. increased its position in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 800 shares during the period. Ethos Financial Group LLC acquired a new stake in KeyCorp in the 4th quarter worth $27,000. Fourth Dimension Wealth LLC bought a new position in shares of KeyCorp during the 4th quarter worth about $28,000. SBI Securities Co. Ltd. bought a new position in shares of KeyCorp during the 4th quarter worth about $34,000. Finally, TCTC Holdings LLC increased its holdings in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 611 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of KeyCorp from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Morgan Stanley restated an “equal weight” rating on shares of KeyCorp in a report on Thursday, April 17th. Bank of America boosted their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, June 16th. Royal Bank Of Canada restated an “outperform” rating on shares of KeyCorp in a report on Thursday, April 17th. Finally, Jefferies Financial Group started coverage on shares of KeyCorp in a research note on Wednesday, May 21st. They set a “hold” rating and a $18.00 price target on the stock. Twelve investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average price target of $18.92.

View Our Latest Report on KEY

Insider Activity at KeyCorp

In other KeyCorp news, insider Amy G. Brady sold 19,000 shares of the business’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider now directly owns 82,523 shares of the company’s stock, valued at approximately $1,327,795.07. The trade was a 18.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mohit Ramani acquired 10,000 shares of the company’s stock in a transaction on Monday, April 21st. The shares were purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the acquisition, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is currently owned by company insiders.

KeyCorp Stock Up 1.0%

Shares of NYSE:KEY opened at $16.17 on Friday. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. The company’s fifty day moving average is $15.54 and its 200-day moving average is $16.39. The company has a market capitalization of $17.72 billion, a PE ratio of -95.09, a P/E/G ratio of 0.60 and a beta of 1.09.

KeyCorp (NYSE:KEYGet Free Report) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the business posted $0.20 earnings per share. Equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were issued a $0.205 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.07%. KeyCorp’s dividend payout ratio is -482.35%.

KeyCorp announced that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

KeyCorp Profile

(Free Report)

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.

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Institutional Ownership by Quarter for KeyCorp (NYSE:KEY)

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