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

Brookstone Capital Management cut its position in shares of KeyCorp (NYSE:KEY) by 8.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 562,625 shares of the financial services provider’s stock after selling 49,708 shares during the period. Brookstone Capital Management owned about 0.05% of KeyCorp worth $11,281,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. DV Equities LLC bought a new position in shares of KeyCorp during the 4th quarter worth about $27,000. Maseco LLP bought a new stake in KeyCorp in the fourth quarter valued at about $27,000. GoalVest Advisory LLC bought a new stake in KeyCorp in the fourth quarter valued at about $30,000. Smithfield Trust Co bought a new stake in KeyCorp in the fourth quarter valued at about $31,000. Finally, True Wealth Design LLC raised its position in KeyCorp by 1,263.5% in the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,592 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

KEY has been the subject of a number of analyst reports. Piper Sandler raised their price target on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Robert W. Baird increased their target price on KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, April 17th. JPMorgan Chase & Co. cut 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. Finally, Truist Financial decreased their price target on KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research note on Monday, March 23rd. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.13.

KeyCorp Price Performance

KEY opened at $22.84 on Tuesday. KeyCorp has a one year low of $16.01 and a one year high of $23.34. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The company’s 50 day simple moving average is $21.75 and its 200-day simple moving average is $21.16. The stock has a market capitalization of $24.76 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 0.71 and a beta of 1.03.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.38 EPS. Sell-side analysts anticipate that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is 50.31%.

KeyCorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 13% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

KeyCorp 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.