KeyCorp (NYSE:KEY – Get Rating)’s share price dropped 4.9% during trading on Friday after Wells Fargo & Company lowered their price target on the stock from $20.00 to $17.00. The company traded as low as $11.44 and last traded at $11.45. Approximately 15,765,687 shares traded hands during trading, a decline of 26% from the average daily volume of 21,229,883 shares. The stock had previously closed at $12.04.
Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of KeyCorp from $16.00 to $12.00 in a research report on Thursday, April 6th. Robert W. Baird upgraded shares of KeyCorp from a “neutral” rating to an “outperform” rating and set a $20.00 price objective for the company in a research report on Friday, March 10th. DA Davidson lowered their price objective on shares of KeyCorp from $16.00 to $15.00 in a research report on Friday. The Goldman Sachs Group lowered their price objective on shares of KeyCorp from $20.50 to $16.00 and set a “buy” rating for the company in a research report on Thursday, March 30th. Finally, Royal Bank of Canada lowered their price target on shares of KeyCorp from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 24th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, KeyCorp has an average rating of “Hold” and an average price target of $17.05.
Insider Buying and Selling at KeyCorp
In other news, insider Amy G. Brady sold 45,000 shares of the company’s stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $15.58, for a total transaction of $701,100.00. Following the transaction, the insider now owns 119,121 shares in the company, valued at $1,855,905.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other KeyCorp news, insider Angela G. Mago sold 5,352 shares of the stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $19.95, for a total value of $106,772.40. Following the completion of the sale, the insider now owns 194,280 shares in the company, valued at approximately $3,875,886. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Amy G. Brady sold 45,000 shares of the stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $15.58, for a total transaction of $701,100.00. Following the completion of the sale, the insider now owns 119,121 shares of the company’s stock, valued at approximately $1,855,905.18. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.
Institutional Investors Weigh In On KeyCorp
Several institutional investors and hedge funds have recently added to or reduced their stakes in KEY. Norges Bank purchased a new stake in KeyCorp in the 4th quarter valued at about $134,162,000. Marshall Wace LLP grew its position in shares of KeyCorp by 2,228.2% during the 3rd quarter. Marshall Wace LLP now owns 2,593,491 shares of the financial services provider’s stock valued at $41,548,000 after acquiring an additional 2,482,098 shares during the period. Morgan Stanley grew its position in shares of KeyCorp by 21.1% during the 4th quarter. Morgan Stanley now owns 13,978,186 shares of the financial services provider’s stock valued at $243,500,000 after acquiring an additional 2,435,443 shares during the period. State Street Corp grew its position in shares of KeyCorp by 4.9% during the 3rd quarter. State Street Corp now owns 51,201,153 shares of the financial services provider’s stock valued at $820,242,000 after acquiring an additional 2,399,018 shares during the period. Finally, Prudential Financial Inc. grew its position in shares of KeyCorp by 211.6% during the 1st quarter. Prudential Financial Inc. now owns 3,274,208 shares of the financial services provider’s stock valued at $73,277,000 after acquiring an additional 2,223,588 shares during the period. Hedge funds and other institutional investors own 82.11% of the company’s stock.
KeyCorp Stock Down 4.7 %
The stock’s 50-day moving average price is $14.68 and its two-hundred day moving average price is $16.77. The stock has a market capitalization of $10.61 billion, a P/E ratio of 5.97, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.76.
KeyCorp (NYSE:KEY – Get Rating) last released its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.44 EPS for the quarter, hitting the consensus estimate of $0.44. The company had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.80 billion. KeyCorp had a net margin of 22.46% and a return on equity of 15.27%. KeyCorp’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. As a group, research analysts expect that KeyCorp will post 1.68 earnings per share for the current fiscal year.
About KeyCorp
KeyCorp is a bank holding company, which engages in the provision of financial services. It provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.