Carnegie Investment Counsel Trims Holdings in KeyCorp $KEY

Carnegie Investment Counsel decreased its position in shares of KeyCorp (NYSE:KEY) by 42.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,315 shares of the financial services provider’s stock after selling 33,827 shares during the period. Carnegie Investment Counsel’s holdings in KeyCorp were worth $909,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in KEY. Brighton Jones LLC bought a new stake in shares of KeyCorp during the 4th quarter valued at $476,000. Woodline Partners LP increased its stake in KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after buying an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in KeyCorp by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after buying an additional 1,890 shares in the last quarter. Cresset Asset Management LLC raised its holdings in KeyCorp by 6.5% during the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after acquiring an additional 926 shares during the period. Finally, Federated Hermes Inc. bought a new stake in KeyCorp during the second quarter valued at about $186,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Insider Transactions at KeyCorp

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

Analyst Ratings Changes

KEY has been the topic of several research analyst reports. TD Cowen restated a “buy” rating and issued a $68.00 price objective on shares of KeyCorp in a research report on Tuesday, June 23rd. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Stephens started coverage on KeyCorp in a research note on Monday, June 15th. They set an “overweight” rating and a $26.00 target price on the stock. The Goldman Sachs Group boosted their price target on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Evercore reissued an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.34.

KeyCorp Trading Down 0.4%

Shares of KEY opened at $23.20 on Tuesday. The company’s fifty day moving average is $22.15 and its 200 day moving average is $21.46. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $23.72. The stock has a market capitalization of $25.05 billion, a PE ratio of 14.24, a P/E/G ratio of 0.73 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

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

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

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. KeyCorp’s dividend payout ratio is 50.31%.

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.