KeyCorp (NYSE:KEY – Get Free Report) was the target of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 45,900,000 shares, a decline of 7.8% from the August 31st total of 49,800,000 shares. Currently, 4.9% of the shares of the company are sold short. Based on an average daily trading volume, of 16,540,000 shares, the days-to-cover ratio is currently 2.8 days.
Analysts Set New Price Targets
KEY has been the subject of a number of research reports. Piper Sandler raised shares of KeyCorp from a “neutral” rating to an “overweight” rating and increased their price target for the company from $12.00 to $13.50 in a report on Friday, September 15th. Citigroup raised their price objective on shares of KeyCorp from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, July 24th. The Goldman Sachs Group raised their price objective on shares of KeyCorp from $11.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, July 21st. 888 reaffirmed a “maintains” rating on shares of KeyCorp in a report on Tuesday, June 13th. Finally, Wedbush raised their price objective on shares of KeyCorp from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $14.80.
Insider Transactions at KeyCorp
In related news, Director Devina A. Rankin purchased 10,000 shares of KeyCorp stock in a transaction on Thursday, August 10th. The stock was purchased at an average cost of $11.49 per share, with a total value of $114,900.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $114,900. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.54% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On KeyCorp
Several institutional investors have recently modified their holdings of KEY. Meiji Yasuda Asset Management Co Ltd. boosted its stake in KeyCorp by 2.1% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 26,413 shares of the financial services provider’s stock worth $460,000 after acquiring an additional 540 shares during the last quarter. Tyler Stone Wealth Management boosted its stake in KeyCorp by 0.9% during the 4th quarter. Tyler Stone Wealth Management now owns 60,147 shares of the financial services provider’s stock worth $1,048,000 after acquiring an additional 550 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in KeyCorp by 2.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 24,363 shares of the financial services provider’s stock worth $424,000 after acquiring an additional 584 shares during the last quarter. BOKF NA boosted its stake in KeyCorp by 3.4% during the 4th quarter. BOKF NA now owns 20,170 shares of the financial services provider’s stock worth $351,000 after acquiring an additional 665 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in KeyCorp by 4.1% during the 1st quarter. Cetera Investment Advisers now owns 18,427 shares of the financial services provider’s stock worth $412,000 after acquiring an additional 720 shares during the last quarter. Institutional investors and hedge funds own 77.77% of the company’s stock.
KeyCorp Trading Up 2.3 %
KEY opened at $10.76 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.95. The stock has a market capitalization of $10.07 billion, a PE ratio of 7.17, a PEG ratio of 1.96 and a beta of 1.26. KeyCorp has a 1-year low of $8.53 and a 1-year high of $20.30. The firm has a 50-day moving average price of $11.30 and a two-hundred day moving average price of $10.87.
KeyCorp (NYSE:KEY – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.05). The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.62 billion. KeyCorp had a net margin of 14.93% and a return on equity of 13.78%. The company’s revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS. As a group, equities analysts anticipate that KeyCorp will post 1.27 earnings per share for the current fiscal year.
KeyCorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th were given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 7.62%. The ex-dividend date of this dividend was Monday, August 28th. KeyCorp’s dividend payout ratio is 54.67%.
KeyCorp Company Profile
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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.