KeyCorp (NYSE:KEY – Get Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $9.37, but opened at $9.70. KeyCorp shares last traded at $9.91, with a volume of 2,985,208 shares changing hands.
Wall Street Analyst Weigh In
Several research firms have recently commented on KEY. Piper Sandler raised shares of KeyCorp from an “underweight” rating to a “neutral” rating and decreased their price target for the company from $18.50 to $16.50 in a report on Friday, March 10th. Morgan Stanley dropped their price target on shares of KeyCorp from $21.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 5th. The Goldman Sachs Group dropped their target price on shares of KeyCorp from $20.50 to $16.00 and set a “buy” rating on the stock in a report on Thursday, March 30th. Citigroup dropped their target price on shares of KeyCorp from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, April 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of KeyCorp from $16.00 to $12.00 in a research report on Thursday, April 6th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, KeyCorp presently has a consensus rating of “Hold” and a consensus target price of $16.55.
KeyCorp Trading Down 1.3 %
The company’s 50 day moving average price is $11.33 and its 200 day moving average price is $15.83. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $9.40 billion, a price-to-earnings ratio of 5.68, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24.
KeyCorp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Tuesday, May 30th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 8.16%. The ex-dividend date of this dividend is Friday, May 26th. KeyCorp’s dividend payout ratio (DPR) is presently 46.33%.
Insider Transactions at KeyCorp
In other news, insider Amy G. Brady sold 45,000 shares of the firm’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 completion of the transaction, the insider now directly owns 119,121 shares of the company’s stock, valued at approximately $1,855,905.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Andrew J. Paine III acquired 75,000 shares of the stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average price of $9.78 per share, for a total transaction of $733,500.00. Following the transaction, the insider now owns 335,414 shares of the company’s stock, valued at approximately $3,280,348.92. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Amy G. Brady sold 45,000 shares of the firm’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 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. In the last three months, insiders acquired 87,700 shares of company stock valued at $883,407. Company insiders own 0.61% of the company’s stock.
Institutional Investors Weigh In On KeyCorp
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of KeyCorp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 111,201,600 shares of the financial services provider’s stock worth $2,488,691,000 after buying an additional 1,278,193 shares during the period. BlackRock Inc. lifted its position in shares of KeyCorp by 10.3% in the first quarter. BlackRock Inc. now owns 89,759,881 shares of the financial services provider’s stock worth $1,123,794,000 after purchasing an additional 8,391,787 shares in the last quarter. State Street Corp lifted its position in shares of KeyCorp by 4.9% in the third quarter. State Street Corp now owns 51,201,153 shares of the financial services provider’s stock worth $820,242,000 after purchasing an additional 2,399,018 shares in the last quarter. Boston Partners lifted its position in shares of KeyCorp by 0.3% in the fourth quarter. Boston Partners now owns 32,534,320 shares of the financial services provider’s stock worth $566,984,000 after purchasing an additional 84,047 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in KeyCorp by 0.6% during the first quarter. Royal Bank of Canada now owns 21,965,131 shares of the financial services provider’s stock worth $491,578,000 after buying an additional 136,741 shares during the last quarter. Institutional investors and hedge funds own 82.11% of the company’s stock.
KeyCorp Company Profile
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.
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