Palouse Capital Management Inc. Cuts Stake in KeyCorp (NYSE:KEY)

Palouse Capital Management Inc. decreased its holdings in KeyCorp (NYSE:KEY) by 3.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 172,080 shares of the financial services provider’s stock after selling 6,889 shares during the period. KeyCorp makes up approximately 2.0% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 20th biggest position. Palouse Capital Management Inc.’s holdings in KeyCorp were worth $2,949,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in KEY. Creative Planning boosted its stake in shares of KeyCorp by 2.9% in the 3rd quarter. Creative Planning now owns 142,257 shares of the financial services provider’s stock valued at $2,383,000 after purchasing an additional 3,964 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in KeyCorp by 2.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 33,728 shares of the financial services provider’s stock valued at $565,000 after buying an additional 679 shares during the last quarter. Trust Co. of Vermont increased its position in shares of KeyCorp by 582.3% in the third quarter. Trust Co. of Vermont now owns 2,729 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 2,329 shares during the period. Kohmann Bosshard Financial Services LLC raised its stake in shares of KeyCorp by 107.2% during the third quarter. Kohmann Bosshard Financial Services LLC now owns 21,979 shares of the financial services provider’s stock valued at $368,000 after acquiring an additional 11,370 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of KeyCorp by 63.5% during the third quarter. Blue Trust Inc. now owns 37,896 shares of the financial services provider’s stock valued at $635,000 after acquiring an additional 14,725 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on KEY. Keefe, Bruyette & Woods lowered their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Morgan Stanley cut their price objective on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 22nd. Citigroup cut KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 target price on the stock. in a research note on Thursday, November 7th. Wells Fargo & Company boosted their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.69.

KeyCorp Price Performance

NYSE KEY opened at $17.73 on Friday. KeyCorp has a 12 month low of $13.10 and a 12 month high of $20.04. The stock’s fifty day moving average price is $17.59 and its 200-day moving average price is $17.31. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.63%. KeyCorp’s dividend payout ratio is currently -273.32%.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.61% of the company’s stock.

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.