NorthRock Partners LLC Raises Holdings in KeyCorp (NYSE:KEY)

NorthRock Partners LLC increased its holdings in KeyCorp (NYSE:KEY) by 129.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 41,702 shares of the financial services provider’s stock after purchasing an additional 23,529 shares during the quarter. NorthRock Partners LLC’s holdings in KeyCorp were worth $715,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in KEY. Czech National Bank lifted its stake in shares of KeyCorp by 13.7% during the fourth quarter. Czech National Bank now owns 214,923 shares of the financial services provider’s stock worth $3,684,000 after buying an additional 25,856 shares during the period. Brookstone Capital Management grew its position in KeyCorp by 6.3% during the fourth quarter. Brookstone Capital Management now owns 12,415 shares of the financial services provider’s stock valued at $213,000 after buying an additional 734 shares during the period. Wedmont Private Capital purchased a new position in shares of KeyCorp in the 4th quarter valued at about $169,000. Park Avenue Securities LLC lifted its position in shares of KeyCorp by 33.1% during the 4th quarter. Park Avenue Securities LLC now owns 30,137 shares of the financial services provider’s stock valued at $517,000 after buying an additional 7,497 shares in the last quarter. Finally, CHURCHILL MANAGEMENT Corp grew its position in shares of KeyCorp by 5.9% in the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider’s stock valued at $7,976,000 after purchasing an additional 26,047 shares during the period. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY stock opened at $16.48 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a 12-month low of $12.73 and a 12-month high of $20.04. The business has a 50 day simple moving average of $15.12 and a 200 day simple moving average of $16.90. The firm has a market capitalization of $18.06 billion, a price-to-earnings ratio of -54.93, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY) last issued 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. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same period last year, the company posted $0.20 EPS. On average, equities research analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

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

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.98%. The ex-dividend date is Tuesday, May 27th. KeyCorp’s dividend payout ratio (DPR) is currently -482.35%.

Insider Activity

In other KeyCorp news, insider Mohit Ramani purchased 10,000 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 10,000 shares of the company’s stock, valued at approximately $137,500. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Carlton L. Highsmith sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the transaction, the director now owns 37,177 shares in the company, valued at $617,138.20. This represents a 11.85% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on KEY shares. Keefe, Bruyette & Woods decreased their price objective on KeyCorp from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. JPMorgan Chase & Co. reduced their target price on KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Barclays decreased their price objective on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Wells Fargo & Company reaffirmed an “overweight” rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, TD Cowen assumed coverage on KeyCorp in a research note on Thursday. They issued a “hold” rating and a $18.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $18.92.

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.