Brookstone Capital Management Boosts Stock Holdings in KeyCorp $KEY

Brookstone Capital Management grew its position in KeyCorp (NYSE:KEY) by 3,951.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 644,438 shares of the financial services provider’s stock after acquiring an additional 628,530 shares during the quarter. Brookstone Capital Management owned about 0.06% of KeyCorp worth $12,045,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in KEY. Brighton Jones LLC purchased a new position in KeyCorp in the 4th quarter valued at $476,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of KeyCorp by 20.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 54,889 shares of the financial services provider’s stock worth $878,000 after buying an additional 9,437 shares in the last quarter. Trexquant Investment LP acquired a new position in KeyCorp during the first quarter worth about $5,823,000. Tortoise Investment Management LLC grew its stake in KeyCorp by 54.1% during the 1st quarter. Tortoise Investment Management LLC now owns 3,442 shares of the financial services provider’s stock valued at $55,000 after acquiring an additional 1,208 shares in the last quarter. Finally, Parnassus Investments LLC purchased a new stake in KeyCorp during the 1st quarter valued at about $36,320,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on KEY. Cowen raised shares of KeyCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, December 9th. TD Cowen upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Tuesday, December 9th. Morgan Stanley boosted their price objective on KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a research note on Monday, September 29th. Piper Sandler raised their target price on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 9th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of KeyCorp in a report on Monday. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.79.

KeyCorp Stock Up 0.4%

Shares of NYSE:KEY opened at $21.14 on Friday. The company has a market capitalization of $23.11 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 0.63 and a beta of 1.11. KeyCorp has a 12-month low of $12.73 and a 12-month high of $21.25. The business has a 50-day moving average price of $18.63 and a 200 day moving average price of $18.28. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. KeyCorp’s revenue for the quarter was up 172.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) earnings per share. Sell-side analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Tuesday, December 2nd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.9%. The ex-dividend date was Tuesday, December 2nd. KeyCorp’s dividend payout ratio (DPR) is 101.23%.

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.